The Regional Office Property Unit Trust, advised and managed by Schroder Real Estate, has acquired Richmond Brewery Stores, Richmond TW10 for £5,000,000. The price reflects a net initial yield of 6%.
Richmond Brewery Stores was redeveloped by Banda Property in 2017 to provide a high quality office building totalling 7,000 sq ft over ground and first floors with seven residential dwellings built at second and third floor level. The offices are let to TRO Group, a subsidiary of Omnicom, on a lease to 2023.
Tom Newman, Investment Manager at Schroder Real Estate said:
“This acquisition offers an office building refurbished to a high level in a strong Greater London location and follows further Schroders investment in the regional market with acquisitions in Nottingham and Edinburgh over the summer.
This is the twelfth acquisition for the Regional Office Property Unit Trust that is targeting assets offering good fundamentals in strong and undersupplied regional cities and towns with further funding available of up to £100million for immediate investment”.
Tod Yeomans, Finance Director of Banda Property says:
“Securing TRO Group as the sole tenant of the office space prior to practical completion was key to unlocking the sale which represents a significant milestone for Banda Property.”
KW Real Estate acted for Schroder Real Estate. Tudor Toone acted for Banda Property.
