Search
 

Isis Sells Hemel Hempstead Offices

LONDON-Isis Property has sold Westside, its 188,000 sf office building in Hemel Hempstead, Hertfordshire, to a private investor for just under pounds 46 million ($85 million) reflecting a net initial yield of 7%.

By Graham Parker | Updated on February 09, 2004

LONDON-Isis Property, the asset manager of the Friends Provident and Royal & Sun Alliance portfolios, has raised £46 million ($85 million) with the sale of Westside, a 188,000 sf office building in Hemel Hempstead, Hertfordshire, to a private investor. The sale price reflects a net initial yield of 7%.

The deal follows a series of negotiations with the building’s tenant, BT, which had planned to exercise a break option and vacate the building, contracting its operations into 109,000 sf in the adjoining Meadowside and Network House office buildings. Eventually, it was agreed that BT would stay in the 188,000 sf Westside, taking a new 20 year lease at a headline rent of £19 per sq ft (£35 per sf). And Isis agreed to accept a surrender of the leases on Meadowside and Network House in return for a £1.5 million reverse premium from BT.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.