In Southampton it has sold the long leasehold interest in The Quay, a 23,000-sf office building in the regenerated dock area, for £5.165m, to show an initial yield of 6.35%. The purchaser is a private client of Morgan Pepper.
The property was originally let to PricewaterhouseCoopers, subject to a lease break option in October 2003. TRPIT has completed a surrender of PwC's lease and granted a new 10 year lease on three of the four floors at £14.25 ($24.25) per sf. TRPIT took back the ground floor following extensive refurbishment at PwC's expense. This floor was let to the UK Government at a stepped rent averaging £17.11 ($29) per sf.
The freehold of Tavern Quay Commercial Centre, a multi-let business centre close to Surrey Quay in London's Docklands, was sold for £2.4 million to a local business centre operator, to show an initial yield of 7%.
TRPIT's deputy fund manager Marcus Phayre-Mudge said: "We are very pleased with these sales, both of which were at prices above valuation. The current economic climate is attractive for us to switch some capital from direct property into equities."
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