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Morley Sells Warwick Office Scheme

LONDON-Morley Fund Management has sold the freehold investment interest in Buildings 1 & 2, Kingmaker Court, Warwick Technology Park, Warwick to Standard Life for pounds 14 million ($24 million). The sale reflects a net initial yield of 7.29%.

By Graham Parker | Updated on November 21, 2003

LONDON- Morley Fund Management has sold the freehold investment interest in Buildings 1 & 2, Kingmaker Court, Warwick Technology Park, Warwick to Standard Life for pounds 14 million ($24 million). The sale reflects a net initial yield of 7.29%.

Transport group Wagon occupies the 31,325-sf building 1 on a 15-year lease expiring in 2016 at a passing rent of £530,000 ($900,000) per annum. And building 2 is let to Conoco on a 15-year lease expiring in 2017 at a passing rent of £550,000 ($935,000) per annum subject to a tenant’s break option in December 2012.

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