Aviva Investors has sold Camberley office building, Pembroke House to Signature Senior Lifestyle, who will be redeveloping the 1980s property into a care home. Lambert Smith Hampton (LSH) acted on behalf of Aviva in the £4.9 million sale.
LSH advised Aviva that a residential based use would create a better return for the fund following the surrender of the lease by Holiday Autos.
Signature Senior Lifestyle will now deliver a 68,000 sq ft, 92 bedroom facility, which will feature residential, nursing and dementia care as well as creating 100 new jobs.
The head of LSH’s Guildford office, Paul Dowson, said “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”.
The property was originally held by Holiday Autos on a 15 year lease but they left in 2007, with the lease due to expire in November of this year.
Work commences on the new site in April of this year.
Story: Chris Grigorovsky
Previous Post
Plans revealed for intu Broadmarsh redevelopment
