20. Februar 2012 
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Rockspring sells 18,000 sq ft office building in Guildford
Rockspring Property Investment Managers today announces that, on behalf of Rockspring UK Value Fund LLP, it has sold Hays House in Guildford, to clients of Cornerstone Real Estate Advisers. The asset was sold for circa £4.5 million, reflecting a net initial yield of 7.15%, and a significant uplift on book cost.
Originally constructed in the 1980’s, Hays House comprises circa 18,000 sq ft multi-let office space, arranged over ground and two upper floors, together with on-site car parking. Situated in the centre of Guildford, the site occupies a prominent position overlooking the River Wey, and benefits from excellent transport links.
The asset was originally acquired in 2011 as part of the St Martin’s south east office portfolio. Shortly after acquisition, Rockspring undertook an extensive refurbishment of the reception, common parts and entire vacant first floor. These improvements to the building resulted in the letting of the whole of the first floor to two tenants, Compass Ltd and MPX Ltd and an increase in the rental tone from £16 per sq ft to £23 per sq ft.
Montagu Evans acted for Rockspring, whilst Cushman and Wakefield advised Cornerstone Real Estate Advisers.
Originally constructed in the 1980’s, Hays House comprises circa 18,000 sq ft multi-let office space, arranged over ground and two upper floors, together with on-site car parking. Situated in the centre of Guildford, the site occupies a prominent position overlooking the River Wey, and benefits from excellent transport links.
The asset was originally acquired in 2011 as part of the St Martin’s south east office portfolio. Shortly after acquisition, Rockspring undertook an extensive refurbishment of the reception, common parts and entire vacant first floor. These improvements to the building resulted in the letting of the whole of the first floor to two tenants, Compass Ltd and MPX Ltd and an increase in the rental tone from £16 per sq ft to £23 per sq ft.
Montagu Evans acted for Rockspring, whilst Cushman and Wakefield advised Cornerstone Real Estate Advisers.
