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18.11.2009
Robert Ware’s Conygar Investment, advised by Gerald Eve, has bought a portfolio of seven freehold and long leasehold buildings from the administrator for a total of £44.6m.
The listed property company said the portfolio comprised: Brennan House, Farnborough Aerospace Centre, Hampshire; Aker Village (three units), Kirkhill, Aberdeen; Cambridge Road, Whetstone Business Park, Leicester; Kelvin II, Kelvin Close, Birchwood Park, Warrington; Crystal Drive, Sandwell Business Park, Oldbury, West Midlands.
All the buildings which comprise 562,000 sq ft of lettable space, are fully let and key tenants include Hewlett Packard, Johnson Controls Limited, Cadbury UK and Aker Solution ASA. The annual rent roll is approximately £4.41m, representing a net initial yield of 9.9%.
Completion is expected to occur within five working days.
Conygar said the properties offer significant active management and development potential.
Robert Ware, chief executive of Conygar, said: "This is an excellent opportunity for Conygar to add and realise significant value using our property management skills to restructure the portfolio.
"Negotiations included the vendor's bank and we were able to exchange within 10 working days.
Oliver Taylor, Associate, Gerald Eve: “We believe this deal offers our client an attractive yield profile on high quality underlying assets in a market where we have seen prime yields harden dramatically in recent months”.
Gerald Eve, chartered surveyors and property consultants, make or save money from property - acting for around 40% of the FTSE100 on property asset management, agency and professional matters.
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