Friday, May 05, 2023
Miller Developments sells Minerva House, Reading for £12.1m
Miller Developments has sold Minerva House, Valpy Street, Reading to Gresham II via Schroders for £12.1m.
The building comprises 60,000 sq ft of office space and a crèche and was sold complete with its long ground lease to Reading Council. The property is let to AXA on a lease until 2008, and has a number of sub-tenants, with a rent roll of £870,750 pa. The deal reflected a net initial yield of 6.8%.
Malcolm Deans, director of the office team at Miller Developments, comments: "We bought the property for £9.8m in 2004 and the high price achieved in the subsequent sale has given us a healthy profit margin. This deal represents the lack of quality stock in the market and the buoyant investment industry as a whole, with Reading in particular making a comeback. We will be looking to invest in similar products going forward."
King Sturge and Lambert Smith Hampton acted for Miller Developments. Jones Lang La Salle acted for the purchaser.
The building comprises 60,000 sq ft of office space and a crèche and was sold complete with its long ground lease to Reading Council. The property is let to AXA on a lease until 2008, and has a number of sub-tenants, with a rent roll of £870,750 pa. The deal reflected a net initial yield of 6.8%.
Malcolm Deans, director of the office team at Miller Developments, comments: "We bought the property for £9.8m in 2004 and the high price achieved in the subsequent sale has given us a healthy profit margin. This deal represents the lack of quality stock in the market and the buoyant investment industry as a whole, with Reading in particular making a comeback. We will be looking to invest in similar products going forward."
King Sturge and Lambert Smith Hampton acted for Miller Developments. Jones Lang La Salle acted for the purchaser.
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