3 City Park, Hove
Published 5th March 2015
Property-Prime Grade A offices
Floor Area-54,400 sq ft
Purchase Price-c. £15.8m
Claymore Role-Acquisition & asset management
Claymore Group, acting on behalf of Gulf based private investors, has acquired a 54,400 sq ft Grade A office investment for around £15.8m.
The property, located close to the city centre in the affluent Brighton & Hove conurbation provides excellent rental security being let to Legal & General and under-let to Lloyds Bank plc for a term of approx 10 years at an annual rental in excess of £1.025m, reflecting a net initial yield of over 6%.
Duncan O'Neill, Director at Claymore, said:"This deal is a continuation of Claymore’s successful acquisition programme for overseas clients. 3 City Park is a high quality Grade A office building providing excellent security of income and good rental growth prospects due to the popularity of the City as an office location and very constrained supply dynamics."