We were instructed by Mayfair Capital on behalf of their PITCH Fund to dispose of Omron, an attractive 22,634 sq ft headquarters office building in out-of-town Milton Keynes.
The tenant re-geared their lease for a further 12 years in August 2018 at a passing rent of £325,000 per annum (£14.36 per sq ft) with an upcoming rent review in year five, providing an attractive opportunity to investors seeking to capitalise on the recent rental growth in Milton Keynes, a result of a lack of stock and country-leading economic growth rates.
We undertook detailed pre-sale due diligence and undertook a full brochure-led PR and marketing campaign, attracting a robust level of investor interest including a number of offers at or above the asking price of £4.35m.
The property was sold in January 2019 at a price of £4.735m, reflecting a net initial yield of 6.44%, significantly higher than the asking price to a joint venture vehicle of two eastern county councils.
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