Acquisition of prime office building in Uxbridge

Orchard Street Investment Management LLP, a leading UK specialist commercial property investment manager, has agreed to buy Capital Court, Uxbridge, from Standard Life Investments Property Income Trust Ltd for £19.2m. Capital Court is a 57,000 sq ft prime office building, mainly let to Manpower UK, a leading employment agency and Iliffes Booth Bennett, a large firm of solicitors. The property has an average unexpired lease duration of over 12 years, making it a rare and attractive investment in the south east office market.

Rents in the building are £23.75 per sq ft and the purchase gives Orchard Street a net initial yield of 6.6%.

Strutt & Parker LLP acted for Orchard Street.

Chris Bartram, Chairman of Orchard Street, commented:

“Capital Court combines an excellent blend of building quality, current market rent, long lease length, secure income and a prime location. There are few buildings of this calibre currently on the market and we are confident that it will give us a very good return on our investment.”