RO sells and buys in South East

By Paul Norman - Thursday, May 10, 2018 12:31

RO Real Estate has sold Dukes Park in Harlow to CBRE Global Investors for £3.5m and recycled the proceeds into the £4m purchase of Admiral House in Windsor from Jansons Property, as the investor continues to refocus its core portfolio.

RO Real Estate repositions portfolio with simultaneous disposal and acquisition

The Admiral House purchase reflected a 5.66% net initial yield, while the Dukes Park sale reflected a 4.50% net initial yield.

The sale of Dukes Park in Harlow concludes more than a decade of RO involvement within the town, where it has built, developed, actively managed and now exited three light industrial / trade counter developments. This final disposal comprises a distribution warehouse unit totalling 22,305 sq ft, which is let to Scotch Frost of Glasgow Limited until December 2026.

Admiral House is a former police station dating back to the beginning of the last century now a multi-tenanted office over 8,971 sq ft within walking distance of both Windsor Central and Riverside Stations.

David Kershaw, general manager at RO Real Estate, said: “Admiral House is prominently situated in a well-established location within the town with an excellent parking provision for occupiers. This is a strategic acquisition for the RO, as Windsor currently has a shortage of quality vacant office supply, presenting strong prospects for rental growth. Additionally, the building also has planning consent for 12 apartments underpinning future value.”

He added: “Knowing when to exit an investment is equally important as buying them and the disposal in Harlow is certainly well-timed enabling strategic reinvestment to be made. The RO has experienced a lot of success in Harlow over more than a decade having developed and sold three important industrial and trade counter locations. We work hard to develop and invest in long term relationships and our current pipeline of activity shows that this approach is bearing fruit.”

James Wallace is a freelance consultant and can be reached via Linkedin or email: jawallace32@gmail.com

Get in Touch
+44 203 205 4600