St Modwen sells Bracknell investment for £3.575 million

Redman Heenan Properties Ltd, an investment subsidiary of St Modwen Properties PLC, has sold a warehouse and office investment in Bracknell, Berkshire, to Sun Life Unit Assurance Ltd, represented by AXA REIM for £3.575 million.

The 2,682 sq m (28,870 sq ft) Synstar House in Old Bracknell Lane, is let to Synstar Computer Services (UK) Ltd on a 25-year lease from September 1985 at an annual rent of £319,000, subject to five-yearly upward rent reviews.

The sale price reflects a net initial yield of 8.4%. Charles Evans of St Modwen Properties, said: “We purchased the property in 1997, there was a rent review due in September 2000 and also the possibility of the tenant exercising a break clause at that date. Synstar chose to remain in occupation, the rent review was successfully completed and we are delighted to have secured a good sale.”

Redman Heenan Properties was represented by Robertshaw March Jones. Vail Williams acted for AXA REIM.

For further information contact Charles Evans on 020 7499 5666. Issued by Paul Raymer of Howle Chapman Raymer (0121-236-7771).