Elstree Gate In Borehamwood Sold For £10.8 Million
Aberdeen Property Investments (API), advised by Bray Fox Smith, has sold Elstree Gate in Borehamwood to AEW for £10.825 million, representing an initial yield of 8.21%.
Elstree Gate is a development of 7 adjoining two storey office buildings totalling 68,762 sq ft and fronting Elstree Way, close to Elstree and Borehamwood train station. Tenants include The First Secretary of State, Cable & Wireless UK & Durkan Limited and average lease expiries are 9.8 years and 6.2 years to breaks.
James Archibald comments, “This is a significant deal and is indicative of the strength of the investment market in Hertfordshire, particularly within the M25. Office campuses like this rarely come to the market and 50% of the income is secured to tenants with extremely strong covenants.
“There was incredibly strong interest and the campus was sold in excess of the asking price.”
Each building at Elstree Gate offers self-contained office accommodation arranged over ground and first floors. There is one unit currently vacant comprising 9,676 sq ft.
