LGIM Real Assets/Canmoor Buy Vacant St Albans Offices for Redevelopment

POSTED 16 December 2019

LGIM Real Assets and Canmoor have completed the freehold purchase of 10 Bricket Road, St Albans.

The 26,500 sq ft vacant office building offers the opportunity to add additional floor area. The duo said it would reposition the asset into prime office space that sits close to the town centre retail and a short walk from St Albans City station.

Rob Codling, fund manager at LGIM Real Assets, said in a statement: “The Fund’s objective has been to increase exposure to markets in established south east locations where supply/demand dynamics are supportive, such as St Albans where there is a significant lack of quality office space. 10 Bricket Road is one of the best located buildings in the town and with targeted capital expenditure is well positioned to benefit from strong rental growth.”

Sam Walker, director at Canmoor, said: “Bricket Road offers the rare ability to reposition a prominent office in St Albans with an exceptional parking ratio of 1:300 sq ft. Supply in recent years has been held back by conversion of offices to residential so delivering a comprehensively redeveloped Grade A building should be well received. We look forward to working with LGIM Real Assets to provide a quality office building to meet modern occupier demands.”

10 Bricket Road was sold by JLL acting for Columbia Threadneedle and LGIM Real Assets and Canmoor were advised by Knight Frank.

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TERMS
The property is available to let on a new full repairing and insuring lease on terms to be agreed.

VAT
All prices quoted are exclusive of vat, which may be chargeable.

VIEWING
Strictly by prior appointment through the joint sole agents.

EMMA GOODFORD
020 7861 1144
emma.goodford@knightfrank.com

WILLIAM BUTTERY
020 7861 1166
william.buttery@knightfrank.com

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