On behalf of a private client, Fineman Ross has sold MMA House, Vastern Road, Reading to the tenant for £9.9 million, reflecting a net initial yield of 9.45%.
The 40,765 sq ft (3,787 sq m), modern, purpose built, three-storey office building was let to MMA Insurance plc on a 25-years lease from 1996, at a rent of £990,000 per annum. The tenant has purchased the property for owner occupation.
Nick Roberts, of Fineman Ross, comments: “This HQ building is in a prominent position in the centre of Reading, adjacent to the new northern entrance to Reading train station. The purchaser/tenant will benefit from current and future regeneration and investment in the area.”
Vail Williams advised the MMA Insurance plc.
