Spelthorne Borough Council has bought an office block in an Uxbridge business estate for £21m.
The council is understood to have paid a yield of 6.8% for 3 Roundwood Avenue, a 43,110 sq ft refurbished office building in Stockley Park.
The building was sold by a fund managed by CarVal Investors and its operating partner Chester Properties, advised by ACRE Capital and JLL. The council was advised by Cushman & Wakefield.
The council surprised the market in 2016 when it paid £360m for BP’s Sunbury business and technology campus in south-west London.
The freehold Stockley Park property is close to the amenity centre at the entrance to one of Europe’s leading business parks.
The building is let in its entirety to air freight and logistics group Cargo Logic and Verifone,which is relocating its UK head office from Cowley Business Park, Uxbridge.
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