Morley Sells Warwick Office Scheme

LONDON- Morley Fund Management has sold the freehold investment interest in Buildings 1 & 2, Kingmaker Court, Warwick Technology Park, Warwick to Standard Life for pounds 14 million ($24 million). The sale reflects a net initial yield of 7.29%.

Transport group Wagon occupies the 31,325-sf building 1 on a 15-year lease expiring in 2016 at a passing rent of £530,000 ($900,000) per annum. And building 2 is let to Conoco on a 15-year lease expiring in 2017 at a passing rent of £550,000 ($935,000) per annum subject to a tenant’s break option in December 2012.

Warwick Technology Park is one of the leading business parks in the upper M40 corridor and comprises a 70 acre landscaped campus-style office development. The scheme is home to a host of multi-national occupiers including Land Rover, Fujitsu and Severn Trent Water.

DTZ advised Morley Fund Management and Donaldsons acted on behalf of Standard Life.