On behalf of The Jaymar Property Group, Lambert Smith Hampton’s capital markets team has sold a 30,000 sq ft office building at 31 – 33 Perrymount Road, Haywards Heath. Purchased by a charitable trust, the property achieved a price of £6.35m, reflecting a net initial yield of 7.16%.
This property benefitted from good investment fundamentals with Lloyds Bank plc secured on a lease with an unexpired term of 5.5 years. It is also located in an affluent residential area which is undergoing extensive regeneration and has excellent connectivity to London, offering the potential for conversion to alternative uses in the longer term.
Charlie Lake, capital markets director at Lambert Smith Hampton, comments: “In spite of the looming ‘Brexit’ referendum, we received a healthy level of interest in this asset. It is difficult to detract from a building let to such a strong covenant in a location with excellent transport connections, and with a range of longer term asset management opportunities underpinning the value. We have witnessed similar levels of interest in office buildings displaying these characteristics across the South East, which is encouraging given the headwinds currently being felt in the wider investment market.”
Howard Frankel, on behalf of The Jaymar Property Group, comments “After having successfully asset managed the property for a number of years, we felt that strategically this was the optimum time to place the investment for sale. LSH was extremely confident that the investment would be well-received and this was proven by the ultimate sale price”
Perrymount Road is the prime office location in Haywards Heath. The building is located 300m from the train station which is undergoing a £35m facelift and boasts a direct journey time to central London of 45 minutes.
