170 High Street, SloughPosted on September 29, 2012
- Clay Street representing the vendor, an Aberdeen Asset Management Fund run by Alpha Capital, agreed terms to sell the prime retail investment for £2.25m in September 2012.
- Prior to agreeing terms for the sale Clay Street negotiated and secured a lease extension with Nationwide Building Society extending the lease from 6.35 years to 11.25 years unexpired.
- Once the extension was agreed the asset attracted more interest in the market reflecting the premium that remains for solid income in excess of 10 years.
- Although the building is in a 100% prime position opposite the scheme, latest evidence points to a degree of over-rent even though the floor-plate is unusually large for the location.
- We had a number of Institutional and high net worth buyers interested, the deal was closed with a South African syndicate who paid £2,150,000 reflecting a net initial yield of 6.72