SevenCapital Exchanges Contracts On £36.5m Chelmsford Acquisition In 5 days
Aberdeen UK Property Fund has exchanged contracts on the freehold interest in Eastwood House, Chelmsford to SevenCapital plc for £36.5 million reflecting a net initial yield of 8.6%. Operating to a tight time frame SevenCapital plc exchanged contracts within 5 working days.
The 119,654 sq ft office building is let to BAE Systems Surface Ships Ltd until November 2021 at £3,316,867 per annum (£27.72 psf, overall), with annual RPI rent reviews up to expiry.
BAE no longer occupy the building, which is sublet to Aon Benfield, Royal Bank of Scotland, Anglia Ruskin University, Capita and Linden Homes.
The property, which is located within 100 metres of Chelmsford railway station, occupies a site of c.5.4 acres, including a large surface car park which has been identified as having residential development potential.
Aberdeen UK Property Fund was represented in the sale by Griffiths Eccles. SevenCapital was unrepresented.
Find out more about our SevenCapital commercial developments.
Naturally we are pleased to have concluded our latest purchase. The speed at which we operated reaffirms our position as a highly credible cash buyer and this acquisition fits within our strategy of growing our portfolio of existing projects from £1.25bn to over £2.0bn during the next 12 months.