F&C Commercial Property Trust Ltd has acquired Abstract’s Leonardo Building near Gatwick Airport at a price equating to £45.342 million and a net yield of 5.3%.
Abstract is developing a 110,545 sq ft office building on a 3 acre site at Manor Royal, Crawley with 401 car parking spaces.
At the end of May Abstract announced that it had leased the building in its entirety to Virgin Atlantic Ltd for a term of 16.5 years off an initial rental of £23.00 per sq ft.
Commenting on the purchase, Daniel Plummer – Head of Offices at BMO Real Estate Partners (on behalf of F&C PT) said “We are delighted to have secured this investment leased to a first class Tenant in an area of very limited supply with strong growth potential”.
Mark Glatman, Chief Executive of the Abstract Group commented “We are really pleased to have concluded this transaction with F&C PT. The Leonardo Building will be a great asset when completed combining highly cost efficient space with great environmental credentials”.
Savills represented Abstract in the sale with Pinsent Masons LLP providing legal support.
Dowley Turner Real Estate represented F&C PT with Forsters acting as solicitors to the purchaser. For further information:
Mark Glatman (Abstract Group of Companies) on 0207 747 8272
Notes to Editor:
The Abstract Group of Companies was established in April 2000 by Mark Glatman. The management team at Abstract brings together combined experience of over 7 million sq ft of business space development across the UK and Europe. The team is highly experienced at working directly with major property owners and corporate end users, handling all aspects of their property requirements. www.abstractsecurities.com
The Leonardo Building at Manor Royal just south of Gatwick Airport is a 4 storey 110,545 sq ft new speculative office building currently under construction with completion scheduled for December 2015.