Aberdeen UK Property Fund has exchanged contracts on the freehold interest in Eastwood House, Chelmsford to SevenCapital plc for £36.5 million reflecting a net initial yield of 8.6%. Operating to a tight time frame SevenCapital plc exchanged contracts within 5 working days. Jones Hargreaves provided and cleared detailed pre-acquisition technical due diligence services and reporting to SevenCapital to meet the incredibly demanding timescales to support the successful and speedy exchange.
The 119,654 sq ft office building is let to BAE Systems Surface Ships Ltd until November 2021 at £3,316,867 per annum (£27.72 psf, overall), with annual RPI rent reviews up to expiry. BAE no longer occupy the building, which is sublet to Aon Benfield, Royal Bank of Scotland, Anglia Ruskin University, Capita and Linden Homes.
The property, which is located within 100 metres of Chelmsford railway station, occupies a site of c.5.4 acres, including a large surface car park which has been identified as having residential development potential.