A private investor, advised by Avison Young, has acquired McTimoney House & Stratton Court, Kimber Road, Abingdon, Oxfordshire, from Canmoor for £4.665m on a long leasehold, reflecting a net initial yield of 8.27%.
The 33,083 sq ft (3,074 sq m) two-storey refurbished office property is multi-let. Arranged over two separate buildings, it is set in a site of 1.85 acres. The property is fully let to three tenants across four occupational leases, providing an annual rental income of £410,997 per annum.
Richard Worrall, Associate Director, Capital Markets said “This purchase offers our client a very healthy yield in relation to the good AWULT and covenant strength, such as BPP and Berks & Bucks FA, and also presents potential for increasing value through strategic asset management.”
The site lies in the well-established Abingdon Business Park with excellent access to the A34, and direct links to the M4 and M40, and includes 127 car parking spaces.
DTRE advised Canmoor.