International real estate investment manager Savills Investment Management has announced that its Charities Property Fund (CPF) has acquired a landmark office property in Brighton from Aviva Investors for 拢11.2 mln (鈧�13.2 mln), reflecting a net initial yield of 6.11%.
The deal comprised the freehold interest in International House, Queen鈥檚 Road, which is adjacent to Brighton train station and is multi-let to five office tenants with a gym and a retail unit fronting Queen鈥檚 Road.
'Brighton has lost approximately 800,000 ft2 of office space since 2013 due to permitted development and this has put upward pressure on office rents. We have witnessed this growth first hand with our existing ownership at Aspect House, adjacent to International House, where rents have increased by 30% within the last year,' commented Angy Benitz, portfolio manager of The Charities Property Fund. 'We expect continued growth at International House off the low average office rent of 拢21.50 per sq ft,' he added.
'This most recent acquisition means that we now have two prominent office buildings and one prime hotel located in the core of Brighton next to the train station,' Benitz concluded.
Savills acted for CPF, while Knight Frank acted for Aviva.
