RO Real Estate, the UK commercial property investment and development company, has completed the acquisition of a multi-let office building at 49 Clarendon Road, Watford, Hertfordshire.
RO has purchased Victoria House from Cheshire West and Chester Council for £5.815 million, which reflects a net initial yield of 7.16%. The 21,834 sq ft three-storey office building, which is in the heart of Watford’s prime office centre, has 4,704 sq ft of office space available in three suites ranging from 1,500 sq ft to 1,700 sq ft. Brasier Freeth are marketing the space to let on behalf of RO.
Current tenants include Drop & Collect, the UK’s largest independent store-based parcel delivery and returns service, Hays Specialist Recruitment, the leading global specialist recruitment group and CH Robinson Worldwide (UK), a Fortune 500 provider of multimodal transportation services and third-party logistics.
Richard Bourne, head of RO Real Estate, said: “We are delighted to have secured such a significant office property in Watford, which has immense growth potential as a key business district in the region. Its location close to the M1, M25 and London provide excellent train links from Watford Junction to Euston. There is a shortage of supply and strong demand therefore we expect rents to increase. We will also look to add value through a programme of refurbishment and asset management. This acquisition builds on our recent acquisitions in the south east and will be an exceptional addition to our portfolio.”
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For further information:
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, with a portfolio of more than £80 million of properties. It is the property division of the RO Group, which was founded in 1932 by Stanley Graham Rowlandson. His innovative attitude to business has been carried forward by his son, and current Chairman, Richard Rowlandson, who used the Group’s property and retailing experience to develop over 40 neighbourhood centres in the 1980s and 90s and 30 Pegasus Retirement Homes in the 2000s. Now Graham’s grandson and current Group Managing Director, Edward Rowlandson has grasped the mantle overseeing the Group’s investment in various entrepreneurial ventures which in addition to commercial property investment include residential development and high quality holiday lodge parks.
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