Esso Petroleum Company Limited has disposed of Ermyn House in Leatherhead, Surrey, to an overseas investor for an undisclosed sum.
Esso will continue to occupy 77% of the 179,577 sq ft office building, with the remaining space occupied by Premium Credit Limited.
Ermyn House sits within 21.4 acres of private landscaped parkland and is located between Leatherhead and Ashtead. Situated within close proximity to the M25, the building is strategically located between both Gatwick and Heathrow airports.
CBRE advised Esso Petroleum Company Limited on the sale and leaseback. Knight Frank and Even Group advised the purchaser.
Matthew Breen, Residential Development associate at Knight Frank, said: “The sale of Ermyn House represented an opportunity to acquire a prime office campus in the South East, fully-occupied by Esso Petroleum Company Limited and Premium Credit Limited. The building offers numerous asset management opportunities over the medium to long term, including significant residential potential.”
Nick Lebetkin, Managing Director at Even Group, commented: “Our client was attracted to the opportunity by Esso’s covenant and the underlying income in an uncertain 2019 market. This exciting transaction aligns their strategic ambitions and they look forward to acquiring similar income led deals in 2020”.
Alasdair Rudge, Senior Director at CBRE, added: “The sale of Ermyn House provided an excellent opportunity for our client to realise significant value from the disposal of its freehold, whilst retaining a significant proportion of the building for its long term operational requirements.”
