Staines Flow acquired for £38 million
May 12, 2015
NFU Mutual has completed the acquisition of Flow, two adjoining 63,000 sq ft office buildings at the Causeway in Staines, from Rockspring Property Investment Managers acting on behalf of Cheshire Pension Fund. The price was £38m, reflecting a net initial yield of 5.2%.
The new development arranged as two buildings, was leased in December last year following the completion of a new link between the properties, on a 10 year lease in its entirety to VM Ware at a rent of £2,087,877 pa equating to £33 psf allowing a half rent on the reception space.
Hanover Green advised NFU Mutual on the acquisition.
