Knight Frank’s Capital Markets team have sold two office buildings on behalf of Shelborn Asset Management.
Rivermead Court, Kenn Business Park, Clevedon spans 28,047 sq ft of office space and was sold for £3.3m at a net initial yield of 10.75%. The property is approximately 12 miles from Bristol city centre and is currently let to three tenants.
Elder House, Elder Gate is situated in Milton Keynes and was sold to a private overseas investor for £11m at a net initial yield of 8.33%. Elder House offers 72,860 sq ft of office and retail space and is let to multiple tenants including Mitie and Hudson Energy. It occupies a prominent position, adjacent to Milton Keynes railway station, which provides fast and frequent rail services to the north as well as London Euston.
Knight Frank represented Shelborn Asset Management, Russell Property Consultants represented the buyer of Rivermead Court and Chris Freer-Smith Ltd represented the buyer of Elder House.
Joshua Morris of Knight Frank’s Capital Markets team commented: “We are delighted to have represented Shelborn Asset Management in these two key transactions. Both buildings achieved a good sale price and we are very pleased with the result”
