The site provides 670,000 sf of industrial and office space. As part of the deal Alstom Power is to continue to occupy 109,160 sf on leases varying between three and 25 years in length. And Alstec (formerly Alstom Automation) has 300,000 sf on a five-year lease at a rental equating to £3.17 ($4.60) per sf. Other occupiers on the site include Marconi, Group 4 Security Services and Cable & Wireless.
Cyril Leonard and Lovells advised Alstom, and the purchaser was represented by Lee Crowder. Cyril Leonard partner Michael Chadburn said the purchase price showed a net initial yield of 9.1% and a potential reversionary yield of 12.5%.
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