5th Oct 2015 06:40
LONDON (Alliance News) - CLS Holdings PLC said Monday it has agreed to buy an office building in Sutton, south London, for GBP10.2 million.
This represents a net initial yield of 7.0%, the company said. Chancery House, St Nicholas Way, is a 5,132 square meter office building and is multi-let to 14 tenants with an average lease length of 5.5 years. It has a vacancy level of 16%.
"Chancery House is an attractive addition that will fit well into our London portfolio. We believe this property is well positioned to benefit from the expected increase in office demand in Sutton, driven by our asset management initiatives and an undersupply of good quality offices in the area," said Executive Chairman Sten Mortstedt in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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