London, United Kingdom, November 16, 2011 --(PR.com
)-- LaSalle Investment Management (‘LaSalle’) advised by BNP Paribas Real Estate, has completed the sale of Frimley Business Park in Surrey to Investream in partnership with Angelo, Gordon & Co for £15 million.
Frimley Business Park, founded in the late 1980s by Arlington, is located adjacent to Junction 4 of the M3 Motorway and comprises nine office buildings totalling 161,074 square feet on a site of 13.42 acres. The park includes a 1.60 acre development site with existing planning consent for two new Grade A offices extending to 75,000 square feet net as well as the opportunity to refurbish existing buildings.
Current occupiers at the park include Alcatel Lucent and the Environment Agency.
James Smith, associate director at LaSalle Investment Management said: “We’re delighted to achieve a good price for this quality asset and to have delivered strong returns for our client.”
Richard Talbot-Williams, investment director at BNP Paribas Real Estate, comments: “The oversupply of office space and lack of tenant demand in the M3 market since 2008 has been seriously acute but the sale of this asset shows that investor confidence in the location has started to move in a positive direction.”
LaSalle was advised by BNP Paribas Real Estate, Investream was represented by Lewis and Partners.