The Marlow International office complex in the Thames Valley has been acquired by the London & Stamford property company in a deal worth just over £50 million, it has emerged.
The firm has been on something of spending spree in recent weeks, buying up separate properties in the Leatherhead area of Surrey and in the West End of London. Marlow International boasts in excess of 230,000 square feet of Grade A office space, having undergone a fairly radical overhaul and refurbishment process back in 2000.
The investment company now in possession of the property highlighted the site’s proximity to several key transport links and motorways in explaining why it was so keen to make the purchase. The net initial yield on the offices stands at 8.9 percent, with the property already let in its entirety to the health care company Allegran, Veolia Water Solutions and the business information firm Dun & Bradstreet.
“Following the announcement of our acquisition of Unilever House, Leatherhead, last week, we are delighted to announce our second office investment in the South East,” said Raymond Mould, London & Stamford’s chairman. “Marlow International is a high quality property in an attractive location offering excellent cash yields combined with a high quality secure tenant mix and attractive asset management opportunities,” he added.
In addition to its 230,000 sq ft of Grade A offices, the Marlow International complex in the Thames Valley incorporates its own restaurant and has close to a thousands parking spaces. The south-east office space market is of course dominated in no small part by activity in central and outer London. Quality offices in the City and in the West End tend to be particularly in demand with these two markets consistently rated among the most expensive areas in which to rent office space anywhere in the world.