Olympic Office Centre, Wembley sold for £15.4 million

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

 

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