JR Capital secures Government income in St Albans

 

We are pleased to announce that we have recently completed the purchase of Queens House, a Government office building in St Albans. The property is leased to the UK Secretary of State for a further 10 years and is used as offices for the Crown Prosecution Service cps.gov.uk .

 

The property is located on Queen Street in St Albans Town Centre, the commercial centre of Hertfordshire and only 20 minutes to Central London by train.

 

The property was purchased for £3,030,000 representing a Net Initial Yield of 7.25%.

 

An attractive freehold building set on the corner of Queen Street with onsite parking the building offers potential to add value in the long term via a change of use.

 

Ereira Mendoza acted for JR Capital.

 

John Collier Wright commented – “The property offers secure, long dated and high yielding income which is attractive in the current low interest rate environment. We believe the investment market outside of Central London will strengthen over the next 24 months particularly for good quality prime assets as confidence grows and investors look for better value. We are also very pleased to have secured a senior debt funding package from Kleinwort Benson Private Bank” http://www.kleinwortbenson.com/.