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LONDON-Liverpool Victoria Friendly Society has bought the Tempus Court office building in Onslow Street, Guildford, Surrey from Scottish Provident for £8.2 million ($11.6 million), reflecting an initial yield of 7.46%.

Tempus Court was built in on a prominent town centre site. It totals 25,600 sf with42 covered car-parking spaces. The building is let on 15 and 20 year leases to three tenants: mortgage brokers John Charcol, solicitors Laytons and stockbrokers Punter Southall, at a current total passing rent of £646,000 ($910,000) per annum.

Healey & Baker acted for Liverpool Victoria and Strutt & Parker for Scottish Provident. Ed Cornwell of Healey & Baker said Guildford has strong growth prospects: ‘It has all the factors that an expanding centre needs, with a strong labour pool, good communications and rents that are still well below other centres in the south east/Thames Valley generally,’ he said.

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