X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-Isis Property has paid £5.66 million ($9 million) for Neopost House, at 46,658 sf the largest office building in the suburban office centre of Romford, Essex. It bought the property from Wood End on behalf of Royal & SunAlliance Life & Pensions, and the purchase price reflects a net initial yield of 7.6%.

The office building is let to office machinery manufacturers Neopost on lease with 17 years remaining at an annual rent of £455,000 ($725,000).

Isis Property asset manager Liam Hannan said: “As Romford’s largest office building, Neopost House provides an attractive yield and steady income stream in line with the fund’s requirements. Its purchase complements our spread of investment in the town following the purchase of a B&Q superstore site last year.”

Isis Property, was advised by Knight Frank and Hilbery Chaplin. Ereira Mendoza & Co acted for Wood End.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.