249 Silbury Boulevard, Milton Keynes, MK9 1NA
Franck-Steier Price has recently acted on behalf of IM Properties in the sale of a refurbished town centre office investment at 249 Silbury Boulevard, Milton Keynes.
The property comprises a 3 storey office building constructed in the mid 1980’s totalling 20,894 sq.ft.
The property is let to 5 tenants on 5 leases at a total passing rent of £373,845 per annum with a WAULT to expiry of 6.16 years and 2.70 years to break. Tenants in the building include Bank of Scotland, Kinetic Solutions and Hillier Hopkins
The property is held Freehold.
The purchase price paid was £4,600,000.
This represents a net initial yield of 7.63% after usual costs of purchase of 6.58%.
Commenting on the transaction, Andrew Franck-Steier said “ We are delighted to have acted for IM Properties on this sale and the price paid was in excess of the quoting price and the buyer performed to a tight timescale. In the current market we are pleased to have achieved the high sale price given uncertainty in the office market and potential voids.”
The purchaser was a private investor who was represented by Lambert Smith Hampton (London) and Franck-Steier price represented the vendors.