Commercial Property News

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Monday, February 26, 2024

PRUPIM purchases National Grid HQ at Warwick Technology Park

PRUPIM has purchased the freehold interest in National Grid House, Warwick Technology Park, Warwick for 61 million on behalf of one of its client funds.

The property comprises 244,192 sq ft of office accommodation, conference and meeting facilities, a health and fitness centre and a restaurant in six interlinked buildings. The net initial yield was 5.45%.

The property was purchased on a sale and leaseback agreement, let to National Grid Electricity Transmission plc on a 20-year lease with a tenant's option to break at year 15.

Steffan Francis, PRUPIM's Head of Institutional Funds commented: "We are very pleased to have secured a flagship headquarters office building with a long, well secured income. We expect to invest substantial sums this year in similar well let investments across the sectors."

Savills acted for PRUPIM and GVA Grimley acted for National Grid.