McKay Securities has acquired The Mille in Brentford for £19.3m.
The building, at 1000 Great West Road, was acquired from Forthright Property Investments (Brentford), clients of Helix Properties.
The building totals 96,650 sq ft of office floor space over 11 floors and is on the A4 next to the GlaxoSmithKline headquarters and the University of West London. It was refurbished extensively in 1985.
The building is currently let to 17 tenants generating a rental income of £1.02 million pa, with rents varying from £13.50 psf to £20.00 psf. There are 8 vacant suites totalling 15,725 sq ft.
Included with the purchase is a site next to the property let separately as a car rental facility and a stand alone advertising tower.
Commenting on the purchase, Simon Perkins, Managing Director of McKay, said: ” The building has excellent potential to benefit from the increasing rental values that have already spread beyond the West End to Hammersmith and Chiswick. The rent differential between these markets and Brentford is at an all time high. We believe this gap is likely to close as more companies compete for limited space, which will drive rental growth.
“There is also the medium term potential to undertake a major refurbishment or redevelopment scheme to capitalise on the image and branding potential offered by the location”.