RO Real
Estate, the UK commercial property investment and development company, has
completed the acquisition of a multi-let office building at 49 Clarendon Road,
Watford, Hertfordshire.
RO
has purchased Victoria House from Cheshire West and Chester Council for £5.815
million, which reflects a net initial yield of 7.16%. The 21,834 sq ft three-storey
office building, which is in the heart of Watford’s prime office centre, has
4,704 sq ft of office space available in three suites ranging from 1,500 sq ft
to 1,700 sq ft. Brasier Freeth are marketing the space to let on behalf of RO.
Current
tenants include Drop & Collect, the UK’s largest independent store-based
parcel delivery and returns service, Hays Specialist Recruitment, the leading
global specialist recruitment group and CH Robinson Worldwide (UK), a Fortune
500 provider of multimodal transportation services and third-party logistics.
Richard
Bourne, head of RO Real Estate, said: “We are delighted to have secured such a
significant office property in Watford, which has immense growth potential as a
key business district in the region. Its location close to the M1, M25 and
London provide excellent train links from Watford Junction to Euston. There is a
shortage of supply and strong demand therefore we expect rents to increase. We
will also look to add value through a programme of refurbishment and asset
management. This acquisition builds on our recent acquisitions in the south
east and will be an exceptional addition to our portfolio.”
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For further
information:
Kirsty
Allan, Tavistock Communications
020
7920 3150
Notes to Editors:
RO
Real Estate is a privately-owned company specialising in commercial property
investment and development in the south east, with a portfolio of more than £80
million of properties. It is the property division of the RO Group, which was
founded in 1932 by Stanley Graham Rowlandson. His innovative attitude to
business has been carried forward by his son, and current Chairman, Richard
Rowlandson, who used the Group’s property and retailing experience to develop
over 40 neighbourhood centres in the 1980s and 90s and 30 Pegasus Retirement
Homes in the 2000s. Now Graham’s grandson and current Group Managing Director,
Edward Rowlandson has grasped the mantle overseeing the Group’s investment in
various entrepreneurial ventures which in addition to commercial property
investment include residential development and high quality holiday lodge
parks.
