LONDON, UK: CLS Holdings has unconditionally exchanged contracts to acquire ‘TWENTY’ Kingston Road in Staines for £19.0 million. Completion is planned for 3 February 2020.
TWENTY comprises 44,230 sq. ft (4,109 sqm) of grade A, multi-let office space in Staines. The building has excellent transport links and is a short walk away from Staines train station which has quick connections to London and Reading. Heathrow Airport is a short drive away.
The asset is currently let to four tenants with a WAULT of 5.4 years to breaks and has a vacancy of 23%. It has an attractive net initial yield of 5.3%, increasing to 7.0% once fully let. TWENTY underwent an extensive refurbishment in 2014 and achieved a BREEAM Excellent accreditation and EPC ‘B’ rating.
CLS also announces that it has completed the sale of Quayside Lodge in Fulham, London for £19.0 million to a private developer. As previously announced, CLS achieved planning permission in 2018 for a new 10-storey residential development.
Fredrik Widlund, Chief Executive Officer of CLS, commented: “We continue to see a range of acquisition opportunities in the UK that are highly suited to our portfolio. TWENTY Kingston Road offers strong reversionary potential with a yield of 7% once fully let and the acquisition is in line with our opportunistic approach. We will also continue to recycle capital, when opportunities like Quayside arise, into new investments in the UK, Germany and France.”