The RO has continued its recent strong run of activity by announcing two more deals as part of its strategy to refocus its core real estate portfolio.
The Group is pleased to announce the acquisition of a multi-tenanted office property, Admiral House in Windsor, which has been purchased for £4 million from Jansons Property, at a Net Initial Yield of 5.66% as well as the sale of Dukes Park in Harlow, to CBRE Global Investors for £3.5 million, equating to a Net Initial Yield of 4.50%.
Admiral House is the former police station dating back to 1908 and is now an established and thriving office location, situated in the historic town centre. The property has quick access via dual carriageway to the M4 and is within walking distance of both Windsor Central and Riverside Stations. The property comprises a net internal area of 8,971 sq ft, as well as 23 car parking spaces providing an outstanding town centre parking ratio of 1:390 sq.ft.
The sale of Dukes Park in Harlow concludes more than a decade of RO involvement within the town, where it has built, developed, actively managed and now exited three light industrial / trade counter developments. This final disposal comprises a distribution warehouse unit totalling 22,305 sq ft, which is currently let to Scotch Frost of Glasgow Limited until December 2026.
Knight Frank on Admiral House and Acre on Dukes Park respectively, acted for the RO.
David Kershaw, General Manager, RO Real Estate commented:
"Windsor is a superb location. The historic town is thriving, as the surrounding area looks to benefit from its royal connections and the halo effect of the nearby Crossrail development. Admiral House is prominently situated in a well-established location within the town with an excellent parking provision for occupiers.
This is a strategic acquisition for the RO, as Windsor currently has a shortage of quality vacant office supply, presenting strong prospects for rental growth. Additionally the building also has planning consent for 12 apartments underpinning future value.
He added: Knowing when to exit an investment is equally important as buying them and the disposal in Harlow is certainly well-timed enabling strategic reinvestment to be made. The RO has experienced a lot of success in Harlow over more than a decade having developed and sold three important industrial and trade counter locations. We work hard to develop and invest in long term relationships and our current pipeline of activity shows that this approach is bearing fruit."