RO Real Estate, the UK commercial property investment and development company, has completed the acquisition of a multi-let office building in Sevenoaks, Kent, from Marley Pension Limited. The purchase price of £4.6 million reflects a net initial yield of 6.29%.
Located in Sevenoaks town centre, the 14,524 sq ft four-storey office building is close to local amenities and Sevenoaks railway station, which provides excellent access to London via Charing Cross, Waterloo and London Bridge stations.
Current tenants include Hemlow, a commercial company that offer real estate management services, Staff Management, an agency providing care and support for people with physical disabilities, Credence, a professional services business and Brebners, an accountancy, tax and compliance firm.
This purchase is part of RO’s acquisition programme to invest in “core” and “value-add” opportunities in the South of England. RO Real Estate still has a significant amount of equity to invest in lot sizes of £2-5 million.
Richard Bourne, head of RO Real Estate, said: “1 Suffolk Way is an excellent addition to the portfolio. The Sevenoaks office market is currently characterised by a limited supply of good quality space and a healthy level of demand. We see this as an excellent opportunity to manage the asset to deliver long-term growth and performance given the location and market characteristics”.
RO Real Estate was advised by Lambert Smith Hampton. Marley Pension Limited was advised by Stephens Maguire & Company.
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For further information:
Edward Rowlandson / Nick Moore, RO Real Estate
01707 601400 / 0207 025 email@example.com
Kirsty Allan, Tavistock Communications
020 7920 3150
Notes to Editors:
RO Real Estate is a privately-owned company specialising in commercial property investment and development in the south east. It is the property division of the RO Group, which has majority interests in businesses involved in residential development, high-quality holiday lodge developments, domiciliary and specialist care services.