Friends Ivory Sime - Offices - Uxbridge, Cowley Business Park

Date: 07 Aug 1998

FPPS acquires 22,000 sq ft for £6.9 million near Heathrow

FPPS, acting on behalf of Friends Provident, has acquired 2,069 sq m (22,271 sq ft) of office space at Cowley Business Park, Uxbridge, from Merloni Elettrodomestici (a major Italian domestic appliance company) in a sale and leaseback agreement worth £6.9 million. The deal represents a yield of 6.9%. The top quality offices, occupied by Merloni, are set in a 0.6 ha (1 .55 acres) site with parking for 104 cars. FPPS has let the space on a new 1 5 year lease at a rent of £500,000.00 per annum, equating to £241.66 per sq m (£22.45 per sq ft). This purchase complements other strategically placed, quality investments, also acquired by FPPS on behalf of Friends Provident, such as 3 The Square at neighbouring Stockley Park, and Thames Valley Park 11 near Reading. FPPS are keen to investigate the opportunities presented by similar properties not only along the M4 corridor but nationwide. Cowley Business Park is one of the UK's prime business locations, positioned within five miles of Heathrow Airport, and three miles from junction 1 of the M40 which links directly with the M25 via junction 16.

Registered and Head Office: Pixham End, Dorking, Surrey RH4 1QA. Registered in England Number 2987287 FP Property Services Limited is a member of the Friends Ivory & Sime Group

FPPS advised Friends Provident on the investment which was introduced by Gore Associates, while Thomas Williams acted for Merloni Elettrodomestici.

Where do I go now?: » View the latest news items » View the news archive » Subscribe to Weekly Property Newsletter » Submit news