CLS has unconditionally exchanged contracts to acquire Harman House, 1 George Street, Uxbridge, for £51 million including costs.
The property comprises 129,060 sq. ft. (11,990 sqm) of office space arranged over nine floors which, with an occupancy rate of 98%, and currently generates an annual rental income of £3.52 million, producing a net initial yield for CLS of 6.9%. The property has a reversionary rent profile with an estimated yield of 7.8% based on market rents.
Harman House was extensively refurbished in 2014 and has a diversified tenant base, providing a stable income from 10 tenants and a weighted average unexpired lease term of 7.9 years (or 5.8 years to first break).
The property is well-located in the town centre and nect to the Underground station.