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.GO BACK HOME
The property is available to let on a new full repairing and insuring lease on terms to be agreed.
All prices quoted are exclusive of vat, which may be chargeable.
Strictly by prior appointment through the joint sole agents.
DISCLAIMER: The Agents for themselves and for the vendors or lessors of the property whose agents they are give notice that, (i) these particulars are given without responsibility of The Agents or the Vendors or Lessors as a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract; (ii) The Agents cannot guarantee the accuracy of any description, dimension, references to condition, necessary permissions for use and occupation and other details contained herein and any prospective purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the accuracy of each of them; (iii) no employee of The Agents has any authority to make or give any representation or enter into any contract whatsoever in relation to the property; (iv) VAT may be payable on the purchase price and / or rent, all figures are exclusive of VAT, intending purchasers or lessees must satisfy themselves as to the applicable VAT position, if necessary by taking appropriate professional advice; (v) The Agents will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars. October 2020. Design by cormackadvertising.com