Hillview Real Estate acquires a prime office building in one of the biggest deals in central Swindon for many years, advised by Hartnell Taylor Cook.
The Hillview Group, an independent Merchant Bank and alternative Asset Manager has acquired the freehold interest of Station Square, a modern four storey office building totalling 47,742 sq ft, prominently located on Gloucester Street, in the centre of Swindon. The offices have been extensively refurbished and let to six tenants including Prepay Technologies Ltd, Arthur J Gallagher (UK) Ltd, Amey OWR Ltd and Reed Specialist Recruitment Ltd, generating an annual income of £711,153 per annum.
The freehold interest has been purchased for £8.5 m, reflecting a net initial yield of 7.84% and the acquisition is on behalf of Hillview Partners Property Fund II, which focuses on well-located, regional offices with active asset management opportunities.
Hartnell Taylor Cook advised the purchasers and their Property Management and Facilities Management teams have been appointed to manage the premises. Cushman & Wakefield and Savills advised the vendors, Clients of Greenbank Real Estate.