Nelson Bakewell - Offices - Hillingdon, Milupa House

Date: 04 Aug 1998

Having let Milupa House to the London Borough of Hillingdon, AXA Sun Life are now likely to sell the investment. The 1,015 m² (10,920 sq ft) office building has recently been let at £160,000 per annum on a 15 year lease with a break after 10 years and 6 months, The building was previously occupied by Milupa who surrendered their lease. This demonstrates the underlying strength of the office market west of London. With a shortage of new stock, good quality, well-located second-hand stock is attracting tenants prepared to accept landlord's terms.

AXA are now quoting £1.7 million for their freehold interest, which will show a net initial yield of 9%.

Nelson Bakewell represented AXA on the simultaneous surrender and letting, and are now marketing the investment.

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