Marchmont Investment Management has completed the purchase of Connaught House in Guildford for GBP6m, reflecting a 10.5 per cent net initial yield.
Located at the top of Guildford High Street, Connaught House is a 30,000 sq ft HQ office building let to Lloyds Bank until December 2015.
The property is situated between the recently developed G-Live entertainment venue and Radisson Blu Hotel.
Tim Lumsdon, director at Marchmont, says: “This acquisition allows us to take advantage of the improving South East office market. Guildford is a strong centre with a broad tenant base and the asset provides multiple opportunities to add value through strategic asset management.”
Colliers International represented Marchmont Investment Management.