Kenmore Sells Sunbury Office Block

LONDON-Kenmore Provincial, a joint venture between Kenmore Group and Lehman Bros, has sold a 16,000-sf office building at 78-89 Staines Road West, Sunbury on Thames, Middlesex for £3 million ($4.4 million) to Rankvale. The vendor only bought the property in the first half of this year as part of a trading portfolio acquired from Green Property.

The property provides approximately 15,959 sf of offices over ground, first and second floors and is let to Datasolve, a subsidiary of Thorn EMI, until March 2008. The lease has been assigned to IBM United Kingdom. In addition 476 sf of ground floor space has been sold to a local law firm on a long lease.

The total current annual income is £246,300 ($362,000) which at £15.43 ($21) per sf overall is reversionary. The purchase price of £3.0 million ($4.4 million) reflects a net initial yield of 7.76%.Strutt & Parker advised Kenmore and Jones Lang LaSalle represented Rankvale.