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Cromwell Sells in Camberley

LONDON-Cromwell Holdings has sold the freehold investment in SGS House, London Road, Camberley, Surrey for pounds 4.1 million to reflect a net initial yield of 7%.

By Graham Parker | Updated on October 03, 2003

LONDON-Cromwell Holdings has raised £4.1 million ($6.8 million) with the sale of SGS House in London Road, Camberley, Surrey. The three-storey 17,240-sf office building was purchased by SGS Holding UK , a division of Société Générale de Surveillance group, which occupies the property on a 25-year lease from 1988 at an annual rent of £302,500 ($505,000). The deal reflects a net initial yield of 7.0%.

Cromwell Holdings’ Property Director Darren Bradley said: “The demand from occupiers to purchase their own property is providing the investment market with further momentum. This sale is part of our ongoing strategy of portfolio management in high growth business locations of the south-east. The property was purchased in 2001 for £3.4 million and we are actively looking to reinvest the proceeds in the industrial and retail sectors.”

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