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Acting on behalf of a private landlord, Keningtons are pleased to announce that they have let a first floor suite of 1,029 sq ft at Lakeside Business Park, South Cerney to Premier Leasing and Finance Limited. The lease completed within days of the previous tenant vacating.
Greg Jones, Managing Director at Premier comments “The location of our new offices at Lakeside are ideal for consolidating our previous offices in Thatcham and Cirencester. Dealing with the landlord and their agent has been very straightforward”.
Jeremy Sutton, Partner at Keningtons adds “Lakeside is a popular business location with excellent links to both Swindon and Cirencester via the A419. We are currently marketing office accommodation from 1,044 to 4,250 sq ft at Lakeside which will be available from 1st August when the current tenants relocate to larger premises on the Business Park”.
Having previously acted for Redefine International in the letting of Delta 900 to Oxford Brookes University, Keningtons were well placed to advise Swindon Borough Council on the acquisition of the investment when it was brought to the market by Redefines investment agents BCMRE.
Redefine had a 125 year long leasehold interest and granted an occupational lease to Oxford Brookes University in May 2016. It was this long leasehold interest which was being sold.
Jeremy Sutton of Keningtons saw this as an excellent opportunity for Swindon Borough Council who are the freeholders, to buy back in the long leasehold interest and benefit from an enhance rental income return from the asset.
The purchase price reflected a net initial yield of 8.15% after purchaser’s costs.
Keningtons/Coast Index unchanged in January 2017 but the monthly investor report shows the Fund is up 0.06%.
Jeremy Sutton in our Swindon office reports 2016 was a tough year in terms of office take up but there was encouraging activity in the investment market. Disposals of offices for conversion to residential is now impacting on the level of the office stock.
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