CLS Holdings has completed on the acquisition of two adjacent multi-let office buildings, Falcon House and Quest House, in Hounslow.
The buildings, at 115-135 Staines Road, total 4,693 sqm over four floors, and.were acquired for £5.5 million. With annual rents at £582,091, the yield is over 10%. Including the one vacant floor of 574 sq m (6,183 sq ft), total Estimated Rental Value is £740,000.
Tenants include Aer Lingus, Alitalia, Telefonica O2, Vandemoortele, First Rate Exchange Services and Quest Diagnostics.
Sten Mortstedt, Executive Chairman of CLS Holdings plc, commented: “I am delighted with this acquisition, which continues our strategy of focusing on high yielding, cost effective offices that provides us with reliable diversified cash flow from solid tenants. In addition there are a number of interesting asset management opportunities over the coming years”.