Olympic Office Centre, Wembley sold for £15.4 million
October 14, 2014
Schroder REIT has exchanged on the sale of the 74,000 sq ft Olympic Office Centre in Wembley with Network Stadium Housing Association, one of the tenants, for £15.4m.
The deal for the Middlesex property, which Schroder bought in July 2004 for £8.4m, reflects a net initial yield of 6.7%.
The price agreed is a 43% premium to an independent valuation of the asset undertaken at the end of June of £10.75m.
The buyer, which provides affordable housing to Brent Council, wants to redevelop the site to create a mixed-use office and residential scheme. The building has three tenants that pay a total annual rent of £1.09m. All the leases expire on or before 24 February.
Hanover Green advised Schroder REIT
