Commercial Estates Group (CEG) has acquired a trio of office assets in the South of England totalling £22.7 million, and committed an additional £10 million for refurbishments.
The Octagon in Colchester was acquired from Shay Property Investment for £9 million. The 98,795 sq ft property It is currently multi-let to tenants including Abellio Greater Anglia Ltd and MSX International for a combined rental income of £1,109,707 a year.
CEG has also snapped up Trinity Court in Bracknell from DTZ for £7 million. This asset comprises three vacant office buildings totalling 72,173 sq ft
Finally, CEG has paid Aviva Investors £6.75 million for The Quorum in Bristol. Current occupiers of the 65,566 sq ft property include Echo Managed Services Limited and Planglow Limited, producing a passing rent of £407,423 a year. Approximately 26,190 sq ft is currently vacant.
James Emans, Associate Director in the investment team at Savills, who represented CEG, commented: “These acquisitions offer our client a range of asset management opportunities, combined with some sustainable income from a number of high profile tenants.
“We are pleased to have advised CEG on more than £32 million of investment, including the capital committed to refurbishment projects”.
Whitmarsh Holt Young Acted on behalf of Shay Property Investment, Strutt & Parker and Haslams acted for DTZ Investors and Colliers International acted on behalf of Aviva Investors.
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