CLS has announced it has exchanged contracts to acquire 44, 230 sq ft TWENTY Kingston Road in Staines – due for completion on February 3 – for £19m.
The multi-let Grade A office space in Staines is a short walk from the railway station and a short drive from Heathrow Airport. The building is currently let to four tenants with 23 per cent of it vacant.
The building was refurbished in 2014 and achieved a BREEAM Excellent accreditation and EPC B rating. CLS also announced it has completed the sale of Quayside Lodge in Fulham, London for £19m to a private developer. It has planning permission in 2018 for a 10-storey residential development.
Fredrik Widlund, chief executive of CLS, said: “We continue to see a range of acquisition opportunities in the UK that are highly suited to our portfolio. “TWENTY Kingston Road offers strong reversionary potential with a yield of seven per cent once fully let and the acquisition is in line with our opportunistic approach. We will also continue to recycle capital, when opportunities like Quayside arise, into new investments in the UK, Germany and France.”
© Thames Valley Property No 193 (tvproperty.co.uk)