Miller - Offices Heathrow, Poyle, Riverside Park

Date: 04 Aug 1998

Miller Developments has sold its interest in Riverside Park, Poyle, near Heathrow to Guardian Properties for £7.938 million.

The two office buildings totalling 4,645 sq m (50,000 sq ft), are let on 15-year leases to Future Electronics Ltd and European Telecom Plc and generate a total rental income of £582,760 pa.

The buildings were part of a four-phase development completed in 1990 by Miller Developments and Grosvenor Square Properties. Miller Developments bought out its joint venture partner in 1997.

Andrew Sutherland, Director of Miller Developments, said: "We are delighted with the sale price achieved. There was tremendous interest from the institutional market for this investment and the proceeds will enable Miller Developments to enhance its significant development programme".

Healey & Baker advised Miller Developments while Crowson Bellman Gill Adams and Edwin Hill acted for Guardian.

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