Chelmsford office block acquired for £2.7m
- Credit: Archant
Chelmsford continues to be attractive for major commercial investors - says Savills.
Savills, on behalf of Cadena, has acquired the freehold of Boundary House at Four County Place in Chelmsford from Marble Acquisitions Ltd for £2.7m reflecting a net initial yield of around 7.5%.
The modern three storey building consists of 11,369 sq ft (1,058 sq m) of high quality business accommodation situated within Chelmsford’s prime office district. The property is currently let to tenants including Macintyre Hudson LLP, Aviva Central Services UK Ltd and Aspire Achieve Advance Ltd, generating a combined rental income of £213,575 per annum.
Mike Storrs, associate director in the business space team at Savills Chelmsford, said: “Boundary House offers a good rental return from strong covenants with the potential for future growth along with the possibility for residential conversion, making it the perfect asset for our client. Due to its close proximity to central London and comparatively cheaper rents, Chelmsford continues to remain attractive to investors looking to take advantage of the city’s ability to draw in first rate occupiers.”
Marble Acquisitions Ltd was advised by Bidwells.