Date: Thursday 28 Jun 2012
LONDON (ShareCast) - Property company London and Stamford has completed the acquisition of an office building located on Leatherhead Office Park in the South East.
The property, known as Unilever House, was bought for £61.15m, which reflects a net initial yield of 6.85%. The property comprises 179,457 sq ft and is let in its entirety to Unilever UK, for which it was purpose built, at a rent of £4.43m per annum. The unexpired lease term is for a further 11 years.
The purchase of Unilever House also includes 520 car parking spaces and an existing planning consent to extend the building, which it is anticipated will be applied.
Raymond Mould, Chairman of London & Stamford, said: "We are pleased to have acquired Unilever House. It is a high quality asset in an attractive and established location adjacent to the M25 and offers an excellent cash yield combined with a secure tenant.
"The South East office market has witnessed a number of major lettings recently and is demonstrating good levels of demand from occupiers looking to relocate to the best available space. We believe that there will be further opportunities in the South East office sector."
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