Standard Life Property Income buys Bracknell office – Standard Life Investments Property Income Trust has completed the purchase of a multi let office, 1 Station Square, in Bracknell for GBP12m, reflecting a yield of 6.9% on the topped up rent. The office has had a substantial refurbishment, and is located adjacent to Bracknell train station, and very close to the newly opened town centre retail scheme. The building also benefits from an excellent car parking ratio. The top floor is vacant, and was subject to a rent guarantee.
The marketing brochure for the property says that “One Station Square is a prominent office building that offers a unique opportunity to do business at the heart of Bracknell – a key Thames Valley town at the beginning of an exciting new era. Well-connected location adjacent to Bracknell train station and a short walk from the newly redeveloped town centre. Ideally positioned to benefit from Bracknell’s £240 million regeneration scheme. Recently refurbished seven-storey landmark building, offering high specification office space Flexible floor plates available with a choice of conventional and exposed services designs. Exceptional secure parking and cycle storage. Seven shower cubicles including four new cubicles on the 1st floor and electric charging points.”
Jason Baggaley, Fund Manager of SLIPIT commented “We are excited by this purchase as it provides a good quality building next to the train station and amenities, which has been refurbished to provide grade A accommodation. The top floor is vacant, but has interest from prospective tenants, and we believe that after a difficult few years Bracknell will provide scope for rental growth now the town centre has undergone major redevelopment.”
SLI : Standard Life Property Income buys Bracknell office