SevenCapital Acquires £60 Million Watford Development
SevenCapital has completed its latest transaction with LaSalle Investment Management to acquire a freehold office building on Clarendon Road, Watford. The building, known as Gresham House, sits on a single acre site in the centre of Watford’s prime business address and benefits from planning permission for a new 12 storey office and residential building.
The current planning permission provides potential for a mixed-use building of 70,000 sq ft of offices, 59 apartments, 52 basement parking spaces and an element of ground floor retail.
Simon Dicken, director at SevenCapital who led the acquisition commented: “We are pleased to have secured this opportunity in the open market which yet again demonstrates our ability to transact in a timely manner. Agreeing and concluding this deal so promptly is further testament to our buying process and execution skills underpinned by a strong cash base.”
The acquisition follows a spate of recent purchases by SevenCapital including Eastwood House, Chelmsford from Aberdeen UK Property Fund; a five-acre redevelopment site in Erdington, Birmingham from Sainsbury’s; a 10-acre redevelopment site in Stirchley, Birmingham from Tesco Ltd, and Lyndon House, Birmingham also from LaSalle Investment Management.
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We enter into 2018 with circa £1.5 billion of development and investment projects underway. These recent transactions fully meet with our current corporate objectives to increase that number to £2 billion over the course of 2018.