Cromwell sells two office buildings to Schroders Real Estate for £27.2 million

Cromwell Property Group has sold The Senate in Exeter and London Court in Reigate to Schroders Real Estate for a combined price of £27,200,000 which reflects a net initial yield of 7.10%.

The Senate, is a multi let office building totalling 69,000 sq ft constructed in 2003 located in Exeter city centre. The property is built over ground and four upper floors and is fully let to tenants including Trowers & Hamlins LLP, Reuters Ltd and Arbuthnot Latham & Co. Ltd. The apportioned price paid was £15,700,000 which reflects a net initial yield of 7.35%.

London Court, a multi-let office building totalling 35,000 sq ft was constructed in 2009 and is located within a short walking distance of both Reigate town centre and Reigate mainline rail station. The property is built over ground and three upper floors and is fully let to four tenants including Tesco Underwriting Ltd and Hyundai Capital UK Ltd. The apportioned price paid was £11,500,000 which reflects a net initial yield of 6.76%.

Stephen Cahoon, Head of Asset Management UK at Cromwell Property Group, commented: “Having created well specified office environments aligned to the requirements of today’s occupier and driven both assets to 100% occupancy we are delighted to have completed a sale to Schroders.”