CLS Holdings have bought One Elmfield Park, Bromley from Aviva Investors. Comprising 23,800 sq ft of commercial space it has been acquired for £4.5m, reflecting a net initial yield of 7.3%. CLS will undertake a significant refurbishment programme, once the current tenant’s lease comes to an end in July 2016.
Bromley’s office market is characterised by a marked supply-demand imbalance, which presents significant yield-enhancement opportunities. With strong transport links and ongoing investment into the town centre, combined with a recent reduction in supply, the area is expected to see exceptional capital and rental value growth.
Hanover Green advised CLS Holdings