The new office building, totalling 39,202 sf, has been let to solicitors Irwin Mitchell on a 15-year lease at a rent based on £14 ($20) per sf. Wilson Bowden subsequently sold the investment to BC Asset Management for £6.1million ($8.6 million), reflecting a net initial yield of 7.85%.
Knight Frank advised Wilson Bowden on the leasing and sale. Matthews & Goodman and Fineman Ross represented the purchaser.
BC Asset Management has now spent in excess of £100 million ($140 million) on direct property since the launch of its Property Income and Growth Fund in May 2001. Henry Godsal, investment partner at Matthews & Goodman, said: 'This latest acquisition continues the fund's strategy of buying well let, good quality buildings at initial yields of close to 8%'. BC Asset Management is currently working on plans to launch a second property vehicle.
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