London Clancy - Offices Sale - Fleet, Ancells Business Park

Date: 12 Sep 2003

Gleeson Properties Limited have acquired Integration House, Ancells Business Park, Rye Close, Fleet, Hampshire from clients of Royal London Asset Management; The Mayor and Burgesses of the London Borough of Tower Hamlets.

The property comprises a modern office building at Ancell's Business Park in Hampshire constructed in approximately 1989 arranged on ground and two upper floors comprising in total approximately 11,876 sq ft net with parking for some 72 cars. In addition there is planning consent to develop a further 11,453 sq ft on the site.

The property is fully let to TAH Limited for a term of six years expiring 24 March 2007 at a current rental of £237,420 per annum exclusive. The site area is approximately 1.1 acres.

The purchase price was £2.55 million, which equates to a net initial yield of approximately 8.8% having allowed for purchasers costs.

Ayles Heath Buchanan Neve acted for the vendors and London Clancy acted for the purchasers.

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