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LONDON-Miller Developments and Bank of Scotland have sold IBM’s Pinehurst Park office complex in Farnborough, Hampshire to Morley Fund Management for £16 million.

Pinehurst Park provides 61,094 sf of offices on two floors above two levels of decked parking fronted by a four storey refurbished period building. It was developed by Miller Developments in 1991 and let to Thorn High Street Properties on a lease expiring in July 2016 at a rent of £1.22 million ($1.7 million) per annum with a rent review due in July this year. Subsequently it was sub-let for the full term to IBM UK.

Bryan Thompson, Investment Director at Miller Developments commented: ‘We were pleased to conclude this strategic disposal to Morley in a short timescale. This allows us to concentrate on reinvesting our equity in the short term and we are currently assessing several opportunities in the market, in particular portfolios.’

Morley Properties, which bought the property on behalf of Norwich Property Trust, was advised by Morgan Loggie and Weatherall Green & Smith. Healey & Baker acted for the vendor.

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