BAM Properties has sold an office in Glory Park, Wooburn Green near High Wycombe for £5.05m, to the F&C UK Property Fund. The sale was handled for the Fund by F&C REIT Asset Management.
Glory Park is situated on the outskirts of High Wycombe, just one mile from Junction 3 of the M40 and only 30 minutes from Heathrow. The property comprises 16,000 sq ft (1,486.5 sq m) and is let to established pharmaceutical company Macarthys Laboratories Limited on a lease until 2023. The building is let at £27.50 per square foot, with the purchase price reflecting a prospective initial annual yield of 8.07% pa for F&C.
Daniel Plummer, Head of Offices at F&C REIT, commented: “We are delighted to have completed the purchase of a very attractive asset with clear opportunities to further enhance the income for the Fund.
“The South East office market is at the start of an upturn, underpinned by the improving economy, in which rents are forecast to increase with the resulting enhancement in prices to reflect the growth potential of the sector. Glory Park is therefore well situated to benefit from this increase in demand.”
Guy Glover, Fund Manager of the F&C UK Property Fund, commented: “This completes the 12th acquisition for the Fund which is continuing to grow and remains committed to acquiring well let, good quality buildings throughout the UK. As a cash purchaser we can continue to act speedily and we are looking to acquire a further 5-6 similar opportunities in Q1 2014.”
F&C REIT was advised by DTRE, with Savills representing BAM Properties.