Savills plc

06/10/2021 | Press release | Distributed by Public on 06/10/2021 09:04

CLS Holdings offers portfolio of four Greater London offices for sale

The portfolio comprises a total of 86,437 sq ft across four good quality office properties, all with on-site parking. The properties are strategically positioned in well-located town centre locations within Bromley, Wallington, Leatherhead and Staines and offer reversion and redevelopment opportunities.

The portfolio offers a diversified income from 17 different tenants with a total passing rent of c.£1.79 million per annum, equating to an average rent of £19.81 per sq ft. This is a low average passing rent in comparison to surrounding Greater London locations with an immediate reversion potential across the portfolio of 18%.

The properties include:

  • Kings House in Bromley - a c.25,000 sq ft office building arranged over ground and four upper floors, with retail units on the ground floor.
  • Crosspoint House in Wallington - a c.21,000 sq ft office building arranged ground and three upper floors. The ground and first floor suite was refurbished in 2019. The property has a large site area and a low existing coverage of approximately 23%.
  • Cassini Court and Pascal Place, Leatherhead - two buildings located on Randalls Research Park offering a combined total of c.26,700 sq ft of office accommodation across ground and first floors.
  • 62 London Road, Staines - a centrally located office building comprising of c.14,400 sq ft of office accommodation across ground and two upper floors.

Mark Porter, Director in the UK Investment team at Savills, says: 'This is a rare opportunity to acquire a collection of four office properties located in key commuting towns in Greater London, with both strong reversionary potential and opportunity to reposition for alternative uses.'