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F&C Commercial Property buys Grade A building

03 August 2015 07:24

F&C Commercial Property Trust has completed the acquisition of Abstract (Crawley) Limited, the single ownership vehicle of The Leonardo Building.

The property comprises a Grade A headquarters office building occupying a prime location within the Crawley Business Quarter, Manor Royal, Crawley. The Leonardo Building is currently under construction with practical completion expected 31 December 2015 and completion of Category A specification scheduled for 31 March 2016.

The Leonardo Building provides 110,545 sq ft net internal area of accommodation and benefits from a strong office tenant in Virgin Atlantic Ltd with an attractive overall weighted unexpired term in excess of 16.5 years, with an 18 month rent free period, off an initial rent of £23.00 per sq ft.

The total consideration upon completion of the development will be £45.3m.

F&C Commercial Property Trust says this is a significant transaction for the company and provides it with exposure to an attractive office market in the South East of England with very limited new supply, providing strong rental growth potential. The property will be income producing, generating rental income of approximately £2.5m per annum, equivalent to a net initial yield of 5.3%.

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Related Company: FCPT

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