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Hermes Sells in Surrey

LONDON-The Hermes Property Unit Trust has sold Salisbury House and Sutton House, two multi-let office buildings at Weyside Park, Godalming, Surrey, to Aberdeen Property Asset Managers.

By Graham Parker | Updated on September 24, 2001

LONDON-The Hermes Property Unit Trust has sold the freehold of Salisbury House and Sutton House, two multi-let office buildings at Weyside Park, Godalming, Surrey, to Aberdeen Property Asset Managers. The purchase price of £5.27 million ($7.7 million) reflects an initial yield of 9%.

Weyside Park was started by Heron Hi-Tech in the late 1980s but the two properties form the second phase, constructed in the mid 1990s. Salisbury House provides 12,525 sf on two floors and Sutton House 13,157 sf on three floors. The properties are let to The Scotts Company, Norwich Union Life & Pensions, Vosper Thorneycroft and Careers Management producing a total current income of £500,660 ($731,000) per annum, equating to £19.50 ($28.50) per sf overall.

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