UKCM completes sale of Hemel Hempstead office asset
UK Commercial Property REIT Limited (UKCM), which is managed and advised by Aberdeen Standard Investments and owns a diversified portfolio of high quality income-producing UK commercial property, has completed the sale of Meadowside House, an office investment in Apsley, Hemel Hempstead, to Aprirose.
The sale was agreed at a price 5 per cent ahead of the June 2019 valuation.
The asset, located approximately two miles from Hemel Hempstead town centre, comprises 43,000 sq ft of office space arranged over a ground and first floors and is fully let to Hertfordshire County Council (the “Council”). The sale follows the agreement by UKCM of a new 10-year reversionary lease at a rent of £19 per sq ft, which reflected a 36 per cent increase on the previous passing rent.
Will Fulton, Lead Manager of UKCM at Aberdeen Standard Investments, says: “Having successfully completed the asset management programme in line with our business plan, we have concluded the sale of Meadowside House ahead of the June 2019 valuation to a buyer with a different risk return profile. The disposal allows us to deliver both attractive returns for our investors and provides us with further funds to reinvest into attractive, income accretive assets where we see longer term opportunity.”