Imperial Place campus in Borehamwood sells for eight figures
Real estate investment manager Cromwell Property Group has sold an office campus in Borehamwood for £62.5m.
Imperial Place, which spans 220,540 sq ft across four floors, was bought by a fund managed by First Property Group plc (Fprop).
The complex has 24 tenancies and 18 business occupiers, including online food order and delivery service Just Eat, housebuilder Taylor Wimpey and French rail company Alstom Transport.
Cromwell has owned Imperial Place since August 2014.
Stephen Cahoon, the company’s head of UK asset management,said: “A key driver for our acquisition of Imperial Place was the identification of an opportunity to improve and re-let the vacant space in a market with reducing office stock.
“Office to residential conversion had been increasingly active resulting in a very tight office market. Our asset management team have done a great job and added real value by creating a quality product that appeals to occupiers, taking occupancy from 88% to 100% and increasing the annual rent roll by 29%.”
An Fprop spokesperson commented: “Borehamwood is a well-located office campus set to benefit from continuing strong occupier demand.
“We believe that current rents are attractively priced compared to surrounding offices in areas like Watford, St Albans and other locations close to the M25.”
Property consultancy Gerald Eve advised Cromwell Property Group. Knight Frank acted for Fprop.