Savills plc

04/30/2021 | Press release | Distributed by Public on 04/30/2021 04:05

Warehouse REIT completes sale of Foxholes Business Park in Hertford for £3.4 million

Comprising 17,950 sq ft of self-contained multi-let offices within a development totalling 18 units, Foxholes Business Park offers modern flexible office accommodation over two floors. Unit sizes range from 923 sq ft to 4,035 sq ft (in current configuration).

The total passing rent of £236,756 per annum reflects an average rent of £16.70 per sq ft. Tenants include Keymile Limited, Blue Square Marketing Limited and Agenda Recruitment Limited.

Paul Makin, Investment Director of the Investment Advisor, Tilstone Partners Limited, commented: 'This property was purchased as part of a larger package of mainly industrial assets in early 2018. Having asset managed the property, the disposal is in line with our strategy of selling the few remaining non-core assets as we look to recycle capital into higher returning opportunities.'

Tony Inchbald, Director of The Elliot Charles Group, commented: 'We look forward to continuing the active asset management role of this Business Park with the objective of enhancing its value through its existing office use and break up potential for the sale of individual suites to investors; owner occupiers and existing tenants.'

Christopher Brogan, Director in UK Investment at Savills, added: 'The sale sends a message of positive investor sentiment for flexible multi-let office accommodation off sensible rents in business park locations in the South East.'

Warehouse REIT was advised by Savills; The Elliot Charles Group was advised by JLL.