Moorfield Group has sold The Shipping Building at The Old Vinyl Factory to Floreat Real Estate.
Floreat are understood to have paid in excess of the £29m asking price.
The Shipping Building is a refurbished art deco office building of 99,990 sq ft over ground and six upper floors. The property has 273 car parking spaces in the newly purpose built ‘Music Box’ car park.
The building is multi-let to seven office occupiers including Central Research Laboratory, Kingston Smith, Sonos UK and Sita Information Networking Computing UK.
The Shipping Building is a key part of The Old Vinyl Factory, on the site of the former EMI factory in Hayes. The £250m redevelopment, when complete, will provide 642 homes, 550,000 sq ft of office accommodation, a variety of restaurants and shops, a four-screen cinema complex, a sustainable energy centre, a live music venue and public space.
Commenting on the disposal, Charles Ferguson-Davie, Chief Investment Officer, Moorfield, said: “We targeted Hayes as an investment location because of the impending arrival of Crossrail, and in particular the Old Vinyl Factory because of the ongoing mixed-use regeneration of the surrounding local area.
“We have sold the Shipping Building earlier than we originally intended and are pleased with our asset management achievements that helped to reposition the property. The Shipping Building offers a great place to work and we wish Floreat success with their investment.”
Commenting on behalf of Floreat Real Estate, investment director Jonathan James said: “We are delighted to have acquired the Shipping Building, which supports our strategy of investing in growth locations in London and select UK cities. We focus on quality buildings where we can drive value through asset management.
“Creating workplaces that offer the connectivity and amenity to attract talent is a key driver for us. We believe the regeneration of the Old Vinyl Factory site, together with the arrival of Crossrail, provides a compelling offer for occupiers.”