BAM Properties has sold one of its speculatively developed office blocks - the A3 building at Glory Park in High Wycombe in the South of England - to F&C, via its subsidiary IRP Holdings.
IRP Holdings has bought the 19,428 sq ft building for £6.97m, at an initial yield of 7%.
BAM recently leased the ground and first floor at the building to Takeda UK Ltd for ten years at £341,825 pa equivalent to £27.50 per sq ft. The second floor is leased to Aptiv for a remaining 5.5 years at £175,615 pa.
The latest sale follows the sale, in December 2013, of the A2 building at Glory Park to the F&C UK Property Fund. The A2 building comprises 16,000 sq ft and is let to established pharmaceutical company Macarthys Laboratories Limited on a lease until 2023.
Clwyd Roberts, BAM’s Development Director for the South of England, says: “We are seeing encouraging levels of demand in the South of England for commercial developments with good access to main air and rail transport routes. At BAM we combine property development, design, construction and sustainability expertise to create sustainable buildings that are attractive to occupiers and create value for investors, as the recent lettings and subsequent sales at Glory Park demonstrate.”
DTRE advised F&C on the acquisition of the A3 building.
Strutt & Parker and Savills advised on the leasing of the A3 building for BAM.