Since 2016, HTC’s London Investment team has been acting on behalf of an off shore trust to acquire a number of notable office investments in London since 2016 and continue to be instructed to seek further investments nationwide to complement their existing portfolio. In October 2017, REEF Spezial Invest GmbH brought to the market the freehold interest of 1 Longwalk Road, Stockley Park, a 74,954 sq ft headquarters building, fully let to Celegene Europe Limited at a passing rental of £2,096,000 per annum. The lease expires in November 2020. The building is located immediately adjacent to 2 Longwalk Road, Stockley Park which was purchased by our clients in 2016.
The purchase of 1 Longwalk Road, Stockley Park was identified as a very suitable addition to the existing portfolio. The team entered into negotiations and despite strong competition agreed the purchase of number 1 Longwalk Road for circa £30 million reflecting a net initial yield of 6.7% and a low capital value of £400 per sq ft.
Our client is delighted to have added 1 Longwalk Road to their UK portfolio, especially as it builds on their ownership in one of the country’s leading UK business parks and is securely let to a good quality tenant. HTC has built a strong relationship with the client through its multi-disciplinary approach across a number of its business areas. From Investment Agency acquiring the premises and Building Consultancy providing a pre-acquisition survey through to the management of the property through our Property Management and Facilities Management teams.
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