On behalf of the Moorfield Real Estate Fund III (MREF III), Moorfield Group (Moorfield) has sold The Shipping Building at The Old Vinyl Factory development in west London to Floreat Real Estate, on behalf of Real Assets (RA) Global Opportunity Fund I in excess of the quoting price of £29 million.
The Shipping Building is a landmark art deco office building of 99,990 sq ft over ground and six upper floors. The accommodation provides a flexible, air conditioned office environment with good natural light. The property benefits from 273 car parking spaces in the newly purpose built ‘Music Box’ car park.
The building is multi-let to seven office occupiers including Central Research Laboratory, Kingston Smith LLP, Sonos UK and Sita Information Networking Computing UK.
The Shipping Building forms an integral part of The Old Vinyl Factory development, one of west London’s most significant regeneration schemes. The £250 million regeneration of The Old Vinyl Factory, when complete, will comprise 642 residential units, 550,000 sq ft of office accommodation, a variety of restaurants and shops, a four-screen cinema complex, a sustainable energy centre, a live music venue and a high quality public realm.
Commenting on the disposal on behalf of MREFIII, Charles Ferguson-Davie, Chief Investment Officer, Moorfield, said:
“We targeted Hayes as an investment location because of the impending arrival of Crossrail, and in particular the Old Vinyl Factory because of the ongoing mixed-use regeneration of the surrounding local area.
“We have sold the Shipping Building earlier than we originally intended and are pleased with our asset management achievements that helped to reposition the property. The Shipping Building offers a great place to work and we wish Floreat success with their investment.”
Commenting on behalf of Floreat Real Estate, investment director Jonathan James said:
“We are delighted to have acquired the Shipping Building, which supports our strategy of investing in growth locations in London and select UK cities. We focus on quality buildings where we can drive value through asset management.
“Creating workplaces that offer the connectivity and amenity to attract talent is a key driver for us. We believe the regeneration of the Old Vinyl Factory site, together with the arrival of Crossrail, provides a compelling offer for occupiers.”
Moorfield was represented by Savills and Floreat was represented by Fineman Ross.
