RO Real Estate, the UK commercial property investment and development company, has completed the acquisition of a multi-let office building at 49 Clarendon Road, Watford, Hertfordshire.
RO has purchased Victoria House from Cheshire West and Chester Council for £5.815 million, which reflects a net initial yield of 7.16%. The 21,834 sq ft three-storey office building, which is in the heart of Watford’s prime office centre, has 4,704 sq ft of office space available in three suites ranging from 1,500 sq ft to 1,700 sq ft. Brasier Freeth are marketing the space to let on behalf of RO.
Current tenants include Drop & Collect, the UK’s largest independent store-based parcel delivery and returns service, Hays Specialist Recruitment, the leading global specialist recruitment group and CH Robinson Worldwide (UK), a Fortune 500 provider of multimodal transportation services and third-party logistics.
Richard Bourne, head of RO Real Estate, said: “We are delighted to have secured such a significant office property in Watford, which has immense growth potential as a key business district in the region. Its location close to the M1, M25 and London provide excellent train links from Watford Junction to Euston. There is a shortage of supply and strong demand therefore we expect rents to increase. We will also look to add value through a programme of refurbishment and asset management. This acquisition builds on our recent acquisitions in the south east and will be an exceptional addition to our portfolio.”
RO Real Estate was advised by Strutt & Parker, Cheshire West and Chester Council was advised by Capita.