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LONDON-Morley Properties has sold Cedar Court, a 21,000-sf office building in leatherhead, Surrey, to St. John’s College, Cambridge for £7.279 million ($11.2 million). The two-storey building, located near Leatherhead town centre, is currently leased to Petrochem Carless and East Surrey Area Health Authority on 16-year leases at a combined rent of £508,913 ($738,000) per annum.

Morley bought the site__originally a furniture depository–in the mid 1990′s and won planning permission for the office redevelopment .

Fuller Peiser advised Morley and partner Richard Kent said: “There is strong demand for well located office investments let on long leases in M25 towns and Morley Properties has taken advantage of the buoyant market to dispose of this prime investment. Cedar Court has good on-site parking, which is important as local authorities are becoming more restrictive on the provision of parking spaces for new office schemes in many M25 locations.”

St. John’s College, Cambridge, was represented by Carter Jonas.

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