ACRE Capital have advised Harbert Management Corporation and XLB Property on the sale of Spires House on Oxford Business Park, Oxford, to the special purchaser, Arlington. The property transacted for £17,150,000, reflecting a 6.06% NIY and a capital value of £347 per sq ft.
The property comprises of a partially-refurbished office building of 49,421 sq ft, which is multi-let to Jazz Pharma and Veeva Systems. At the point of sale, the WAULT was 8.3 years to expiry and 4.6 years to break, with 11,767 sq ft of vacant space remaining to let and offered on a guarantee.
Property Type: Office
Transaction Type: Disposal
Client: Harbert Management Corporation / XLB Property