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Private Investor buys 5 Longwalk, Stockley Park, for £42.45m

wantspacegotspace.co.uk - Private Investor buys 5 Longwalk, office space at Stockley Park, for £42.45mBNP Paribas Real Estate, on behalf of a private investor client, is about to complete the purchase of a prime Grade A office investment at 5 Longwalk, Stockley Park, for £42.45 million.

The 115,000 sq ft Foster and Partners designed building has undergone an extensive refurbishment by the vendors, Columbus Capital Management. The offices are currently let to IMG Worldwide and IMG Media Ltd, the global sports, fashion and media business, on a new 15 year lease at a rent equating to £26.75 psf.

BNP Paribas Real Estate’s Paul Griffiths said: “There has been a complete lack of well let Grade A office investments in the South East market available on lease terms of 15 years. Therefore, the IMG building suited our client’s requirements to acquire an asset close to London but offering a higher return than those typically available at the prime end of the market in the City or West End.”

Robin Pearce of Columbus Capital added: “Following completion of the successful letting of the whole building to IMG on a 15 year lease, we were delighted to exchange contracts on the sale within three months of completing the letting.”

Stockley Park is one of Europe’s premier business locations, just two miles from Heathrow Airport, it provides £1.9 million sq ft of office accommodation.

BNP Paribas Real Estate acted for the buyer and CBRE acted for Columbus Capital Management.

Posted by The Editor (wantspacegotspace) on 26th January 2013 (updated 28/01/2013)

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