The 1980s office building was held on a 15 year lease by Holiday Autos (a subsidiary of lastminute.com), which was due to expire in November 2015. The tenant had vacated in 2007 but failed to secure an alternative occupier. A surrender of the Holiday Autos lease was concluded simultaneously with the sale.
Lambert Smith Hampton was appointed by Aviva to advise on a strategy for the property post-lease expiry and identified that a residential based use would create the highest returns for the fund.
Paul Dowson, Head of Guildford Office for Lambert Smith Hampton, explains “The office market in Camberley town centre did not justify new investment by Aviva. However, we identified a demand from retirement living and care home developers and knew this prominent town centre location would create good interest.”
Planning consent has now been secured for a 68,000 sq ft care home, that offers residential, nursing and dementia care, and the proceeds of sale for Aviva, including the surrender payment, are approximately £4.9 million.
Signature is due to commence work on site in April 2015 and when completed, the development will provide much needed accommodation for those elderly persons requiring care and jobs for around 100 people.
Jones Lang LaSalle acted for Holiday Autos and Signature Senior Lifestyle was not represented.