Ty Bethesda was constructed as part of a complex of three self-contained office buildings in 1996. The net passing rent is £265,050 ($443,000) per annum, representing an initial net yield of 6.9 per cent.
Prior to the sale, Hampton Trust agreed a marriage value deal with Land Securities Trillium, the Inland Revenue's outsourced property manager. Trillium took a new lease with 15 years to run, and minimum rental uplifts at future rent reviews in line with the retail price index. The extra investment value created by this change was shared between the two parties, which resulted in Trillium, receiving £438,600 ($730,000) from the sale proceeds.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.