The Regional Office Property Unit Trust, advised and managed by Schroder Real Estate, has acquired Endeavour House, Stansted from Arora Group at an asset value of £13,000,000 which reflects a net initial yield of 7.75%.
Endeavour House, a multi-let office building totalling 65,000 sq ft was constructed in 2000 and is located within a short distance of Stansted Airport. The property is built over ground and three upper floors and is let to nine tenants including Federal Express, Cargologicair and Hammersmith Business Centre t/a Endeavour Business Centre. There is an average unexpired lease term, assuming all tenant breaks are exercised, of approximately four years.
Tom Newman, Investment Manager at Schroder Real Estate, added:
“Endeavour House provides good quality office space in an undersupplied location that should benefit from infrastructural improvements at Stansted Airport.
This is the fourth acquisition for the Regional Office Property Unit Trust that has approximately £150 million of funding available for further new investments.”
Tudor Toone acted for Schroder Real Estate and Colliers acted for Arora Group.