Hargreaves Group, a private family-owned investment and development Company specialising in commercial and residential property across the South East of England, today announces the acquisition of a Prime Guildford office building, Andrews House for £4.2m.
The 14,270 sq ft building is situated within a five minute walk of Guildford Train Station and the High Street. The acquisition represents a net initial yield of 9.50%, with only one vacant suite. Working with Alchemy Asset Management, Hargreaves will refurbish the vacant suite alongside upgrading all common areas to reposition the office offering.
Tim Wilmer, Investment Director, Hargreaves Group comments: “Guildford is a key target area for our acquisition strategy. Its affluent population, diverse corporate sectors, fast trainline into Central London, alongside considerable inward investment including a major train station regeneration project, make it an exciting investment proposition. The historically strong office market in Guildford remains buoyant. We have been further impressed by the myriad of tenants taking office space in the City, most notably from the Aerospace, Gaming and Life Science sectors. Andrews House itself has a great tenant mix including an international bank, headphone manufacturers and an interiors business. The investment of Andrews House offers us both income growth and the opportunity to set new headline rents through active asset management ensuring a good tenant mix and improving ESG credentials.
Alastair Skinner, Managing Director, Hargreaves Group comments: “The acquisition of Andrews House is another example of delivering on our ongoing growth strategy with a focus on prime locations in the South East. Andrew’s House further illustrates our desire to future proof our portfolio and create a sustainable portfolio investing into locations benefiting from significant investment and infrastructure improvements. The acquisition presents the opportunity to further the ESG credentials of the building through a number of planned initiatives. We continue to look for similar opportunities where occupational market dynamics remain tight and we can deliver performance through asset management, refurbishment and future proofing as we look to bolster our portfolio with further industrial, office and retail warehouse assets.
Noel Lander, JLL comments “JLL is delighted to have advised on the acquisition of Andrews House which is set to create future-proofed, sustainable accommodation placing it at the forefront of the Guildford office market, and drive investment performance for Hargreaves.”
Hargreaves was advised by JLL
Vail Williams will provide Property Management Services