Fuller Peiser - Crawley, Kelvin Lane

Date: 24 Jun 2002

Fuller Peiser, acting on behalf of Investec Property Ltd, has acquired three office buildings on Kelvin Lane in Crawley, East Sussex, from Dencora Properties Ltd for £3,507,000 at a net initial yield of 9.95%.

The office buildings, completed in 1999, total 2,152 sq m (20,000 sq ft) and produce a combined rent of £369,081 per annum. Two buildings are let to Vandenberg Foods on a three-year lease that expires in December 2004 and the third is let to Menzies World Cargo on a 10-year lease expiring in 2010 and subject to a break clause in 2005.

Toby Yorke, partner of the London-based investment team at Fuller Peiser, said: “This deal represents very good value to our client as there is now an increased level of occupational activity in the Crawley area and very good prospects for further rental growth.”

Dencora Properties Ltd were represented by Stiles Harrold Williams.

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