Global telecommunications giant Hutchison Whampoa has sold its UK headquarters to British Land in a deal worth some £74 million and representing a net yield of £7.5 per cent.
Located in Maidenhead within easy travelling distance of London, the Grenfell Island building comprises 198,000 square foot of office space.
Of this, the lion’s share is let to the company’s Hutchison 3G UK subsidiary, which occupies 113,000 square feet of the complex and has 9.5 years remaining on its lease.
Tim Roberts, Head of Offices at British Land, stated: “Grenfell Island is a modern, well let property in a town which is expected to be a major beneficiary of the investment in Crossrail.
“The acquisition provides British Land with an attractive income return in an improving occupier market and fits well within our strategic priority of creating sustainable and growing property rental streams.”
He added: “It also has significant capital appreciation potential given both the future benefits of Cross Rail and as the markets in the South East continue to improve.”
Alongside Grenfell Island is a second building containing 85,000 square feet of space. This is currently let for leisure use and includes a ten-screen Odeon cinema.