Rockspring Property Investment Managers has agreed the sale of The Stanza Building, a new office headquarters in Uxbridge, west London, to NFU Mutual Insurance Society.
Rockspring Property Investment Managers has agreed the sale of The Stanza Building, a new office headquarters in Uxbridge, west London, to NFU Mutual Insurance Society.
The investment volume of 拢43 mln (鈧�51 mln) reflects an initial yield of 5.72%.
The sale follows the letting of the entire building to Nexen Petroleum UK in July on a 12-year lease. The asset was owned by Rockspring Hanover Property Unit Trust, which acquired it in November 2011 as a speculative development in partnership with Bell Hammer.
Completed in November 2012, the building is located adjacent to the Grand Union Canal in Uxbridge with waterfront views and provides some 7,500 m2 of Grade A office space and 91 car parking spaces. It also boasts a BREEAM Very Good rating.
'Today鈥檚 deal represents the successful completion of Hanover鈥檚 strategy for The Stanza Building, having foreseen the impending shortage of Grade A stock we had the belief to commit to the development when the market was still in recession,' said Mischa Davis, Rockspring Hanover Fund Manager. 'We hope that the success of this project provides encouragement to investors to step up the risk curve away from defensive long-income strategies.'
Jones Lang LaSalle acted on behalf of NFU Mutual Insurance Society.
