The Arena, Stockley Park sells for £13.3m

25.03.14

Cube's fund, Picasso completed the sale of The Arena, Stockley Park to Orchard Street Capital for £13.3m representing a net initial yield of 6.2%.

The 65,824 sq. ft. property adjoins the renowned Stockley Park business park and provides a retail and leisure offering including a Virgin Athletic gym, Costa, WH Smith, Subway and Greggs. It also offers a 5,275 sq. ft. serviced office business.

Cube bought the property through Picasso in 2003 and embarked on a process of active asset management, weathering the market slump of 2008-12 and presenting an attractive and well-run asset to the market in Q1 2014. 95% of the income was renewed, let or reviewed since 2009. Cube also obtained planning consent for the development of an additional 22,380 sq. ft. of office space.

Cube's Jonathan Lawes comments: 'The Arena shows Cube's ability to manage a property throughout a property slump, maintaining 100% occupancy, a high standard of maintenance and having the awareness to bring it to market at the right time.'

Cortex Partners advised on the sale.

The Arena, Stockley Park

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