Helix, on behalf of Harmsworth Pension Fund Trustees Ltd, has acquired the freehold interest in Interserve House, Ruscombe Business Park in Twyford, Berkshire from a private vendor for £6.45 million. This purchase price reflects a net initial yield of 7%.
The office headquarters building is arranged over ground, first and second floors, totalling 25,502 sq ft 2,389 sq m) on a 0.25 acre (0.10 hectare) site. The building is let to Interserve PLC for an unbroken term of 25 years from 2001, providing a current rental income of £474,283 per annum (£18 per sq ft / £194 per sq m).
Yvonne Smith, Director of Helix Property, comments: “This is a sound investment with a good covenant and future potential to benefit from its location on the Crossrail route.”
CBRE advised the vendor and Helix was unrepresented.