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LONDON-Taylor Woodrow has sold an office scheme in Warrington, Cheshire, to Development Securities. Phase two of The Beacons in Birchwood, Warrington went for £4.41 million ($6.48 million). Let to three tenants, with an average unexpired lease length of over ten years, the purchase represents a net initial yield of 8.75%.

The site comprises three prime office buildings, constructed in 1999, in the centre of Birchwood Office Park, and it totals 27,800 sf. Development Securities has long had its eye on this scheme. In April 2001, the company acquired the 94,300-sf Genesis Centre on Birchwood Office Park.

This acquisition continues the restructuring of Development Securities’ investment portfolio, which in the last year has seen six properties bought for £32.665 million ($48 million) and nine sold for £9.072 million ($13.3 million).

Development Securities director of investments Matthew Weiner said: ‘This acquisition produces an attractive income return with the potential for rental and capital growth as the town continues to strengthen as an economic centre.’

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