Spelthorne Council buys £285m Western Corridor portfolio

By James Buckley - Friday, August 10, 2018 15:05

The joint venture between Brockton Capital and Landid has completed an off-market deal to sell Thames Tower, Reading, The Charter Building, Uxbridge, and The Porter Building, Slough, to Spelthorne Borough Council for £285m - the last three properties that were held in the Brockton/Landid JV, CoStar News can reveal.

All three buildings, comprising c.545,000 sq ft and produce an annual rent of circa £18.7m per annum, were developed by the Brockton/Landid JV as part of their wider strategy to invest in a new generation of best in class, design-led offices close to major transport nodes.

Completed in 2017, the buildings are let to the likes of Ericsson, Orange, HSBC, Lavazza, MBNL, Fiserv, BDO, Pret A Manger, Clarkslegal, Austin Fraser, and the Make-A-Wish Foundation.

The portfolio also provide more than 70,000 sq ft of co-working space, operated by Fora (at Thames Tower in Reading) and Spaces (at both The Charter Building in Uxbridge and at The Porter Building in Slough).

The portfolio comprises the 195,000 sq ft Thames Tower, which is 75% let; the 120,000 sq ft Porter Building and the 230,000 sq ft multi-let Charter Building.

Trevor Silver, Chairman at Landid, said: “Our vision has always been to create characterful workplaces that provide an exceptional experience for the tenants. These three buildings epitomise that approach and we are delighted that we will be remaining as asset managers, so that we can maintain our relationship with the brilliant businesses that have brought these buildings to life.”

Tony Edgley, Partner at Brockton Capital LLP, said: “The sale is testament to the success of our focus on creating contemporary working environments that meet the needs of next generation occupiers. We brought Central London quality and innovation to the 85m sq ft Western Corridor market which deserved something better. All three of the buildings are beautifully designed, enjoy great amenities, have exceptional connectivity and are buzzing with a vibrant mix of tenants.”

Chris Lewis, Partner and Head of Office Investment in Cushman & Wakefield’s Business Space Investment team, who advised Spelthorne Council alongside Clyde & Co., said: “The Brockton Office Portfolio represents best in class assets designed for the future generations of office users and located in the key South East office centres adjacent to major transport hubs. Cushman & Wakefield was delighted to work with the team at Spelthorne Borough Council, and alongside their legal advisors Clyde & Co, to successfully complete this transaction.”

CMS and Herbert Smith Freehills LLP acted for the Brockton/Landid joint venture. JLL advised the joint venture on the sale of Thames Tower and The Charter Building.

jbuckley@costar.co.uk

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