Lumina Real Estate Capital (LREC) working with XLB Property have acquired Observatory House, Slough from Helix Property Advisors for circa £10.575 million cash.
Observatory House on Windsor road comprises 84,000 sq ft of office accommodation over ground to fifth floor with a car parking ratio of 1:326 sq ft. The property is let in its entirety to Fujitsu Services Limited until December 2014.
Slough is currently undergoing significant town centre and transport regeneration with a £450m investment into the town centre and road improvements. When Crossrail opens, it will provide journey times to Bond Street Station, London in 17 minutes. The new Western Rail Access to Heathrow will enable passengers to travel from Slough to the airport in six minutes.
Ruth Bagley, Chief Executive of Slough Borough Council, said: “We are delighted to see this evidence of the commercial property market in Slough warming up. This acquisition reinforces Slough’s position as the place to do business.”
James Armstrong of Lumina Real Estate Capital, said: “We are excited to have acquired Observatory House with XLB on behalf of Lumina Special Situations Fund II. The fundamentals of the property coupled with the continuing regeneration of the town centre fully match the fund’s value add criteria.”
Simon Bowder of XLB, said: “Given the current lack of high quality office supply within the M25/M4 corridor and Slough’s ongoing regeneration and improved transport links it is becoming an increasingly attractive location for large corporates and other businesses alike. We consider that Observatory House will be in a strong position to meet this anticipated demand.”
LREC and XLB were represented by Conway Relf and Savills while Helix Property Advisors were represented by JLL.
