International real estate advisor Savills, on behalf of MCR Property Group, has acquired 500 Capability Green, an office building in Luton, for £13 million from TRIUVA in a deal reflecting a net initial yield of 6.56%.
Located in the Capability Green Business Park, Luton the freehold of the site extends to 5.1 acres (2 hectares) with 79,977 sq ft (7,430 sq m) of gross internal area. The building is currently multi-let to global brewer AB InBev, business and marketing services company Williams Lea and Stonegate Pub Company, a pub and bar operator.
Capability Green is one of the premier business parks within the northern M25 region and hosts a range of occupiers including EY, Regus and AstraZeneca. The park has good access to the M1via the A1081 and is under a mile from Luton Airport Parkway rail station.
James Vivian, associate director in the investment team at Savills, comments: “500 Capability Green is an excellent addition to MCR Property Group’s national portfolio and we are delighted to have been able to secure it for our client. The building provides plenty of asset management opportunities allowing for a possible increase in value.”
TRIUVA was advised by Bray Fox Smith.
