Following the completion of a lease re-gear, property consultant Glenny was appointed by AssetRock to market HCL House on Eastern Road in Romford, Essex; the building has since been sold to CBRE Global Investors. The 26,000 sq. ft. office building is located close to the future Crossrail station of Romford. Significant interest was received from a number of funds and private property companies. CBRE Global Investors acquired the property in excess of the initial £7.5m guide price – well above average for a property of this kind in the Romford area. The building has already been let on a reversionary lease to HCL Insurance for £535,000 per annum, beginning September 2017. James McFeely, Divisional Partner in the Investment team at Glenny, who advised AssetRock in both the acquisition and sale of the property said: “This is a great result for all parties involved, especially our client, which initially acquired it for Permitted Development. The lease re-gear, whilst providing secure, long term income, meant that the property no longer met with their core strategy. However, a reliable purchaser was identified and we are pleased that it is of CBRE Global Investors’s calibre.” Saeed Khaliq and Ghulam Alahi, Directors at AssetRock, said: “HCL House fitted with our core strategy to purchase income-producing assets with residential potential in Greater London. We were keen to proceed with the development, however the occupier made a strong proposal to remain in the building and so we made the decision, with Glenny’s advice, to sell the asset to CBRE Global Investors.” Glenny advised AssetRock, JLL advised CBRE Global Investors. Accountants, Vision Consulting were also part of the project team.
Glenny sells HCL House, Romford, on behalf of AssetRock to CBRE Global Investors
By Robert McAllister