3 City Park, HoveProperty:Prime Grade A offices
Area:54,400 sq ft
Purchase Price:c. £15.8m
Claymore Role:Acquisition & Investment management
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Acting on behalf of Gulf based private investors, Claymore acquired this Core 54,400 sq ft office investment in February 2015 for c£15.8m, reflecting a net initial yield of 6.2% pa (£306 psf).
The property is well located in the affluent Brighton & Hove conurbation and provides excellent rental security, being let to Legal & General and underlet to Lloyds Bank plc for a term of approximately 10-years.
As a Core investment, the business plan focused on income security and rental value growth. Capital and income returns have been driven upwards significantly following settlement of the rent review as at Sept 2016 with an increase in excess of 10%.