Maple Cross House, Maples CrossProperty:Modern offices
Area:95,000 sq ft
Claymore Role:Acquisition and Investment Management
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Acting on behalf of Gulf based private investors, Claymore acquired this 95,000 sq ft office investment in Q4 2015, for c£33.0m, reflecting a net initial yield of 6.4% pa (£355 psf).
The property is fully air-conditioned, with good car parking and located in an established office park within 1 mile of J17 of the M25. It was let to Skanska Ltd as its UK HQ, with c8 years remaining.
Due diligence revealed that the tenant was committed to the building and the business plan assumed capital value enhancement either through rental growth, as the shortage of office stock around the M25 generates upward pressure on rental values, or by extending the lease length.