September 12, 2015
Cube Real Estate and BP Pension Fund (Ropemaker Properties Ltd), advised by HSM, have sold an office tower and two retail parades in West Byfleet for £10.5 million to Altitude Real Estate Limited. The freehold property is multi-let to a number of tenants producing an income of £515,805 per annum, representing a net initial yield of 4.64% and a capital value of £165 per sq ft.
The buildings on Old Woking Road and Station Approach sit on a 1.19 acre site and extend to 63,000 sq ft in total. They include 18 retail units, 30,000 sq ft of offices over five floors and parking for 75 cars. The property is an extensive island site in the centre of West Byfleet in Surrey, which the local Authority would like to see redeveloped with improved facilities, taking advantage of its proximity to the train station and the existing core retail.
Altitude Real Estate Limited was advised by Jackson Criss with HSM advising the vendors.