ACRE Capital have advised Columbia Threadneedle on the sale of Limelight, Borehamwood for a price of £12,700,000, reflecting a NIY of 9.75% and a capital value of £164 per sq ft.
The property benefits from a prominent frontage onto Elstree Way and is immediately adjacent to the new 30-acre Sky Studios campus. It totals 77,592 sq ft and is multi-let to 8 tenants including Sky, Filippo Berio, HFIS, Redsquid Communications and Kuro Health, with circa 30% vacancy following the recent departure of a key tenant. Limelight offers a WAULT of approximately 2.4 years to breaks and 3.0 years to expiries.
The building is let off a highly reversionary rent (low £20s per sq ft) and to unlock the buildings full potential, the asset would benefit from a comprehensive refurbishment and re-positioning to take advantage of the rapidly changing location which is fast becoming known as the UK’s first film industry cluster and has seen large recent successes in the industrial and data centre sectors, with office space continuing to be lost to alternative uses.
Property Type: Office
Transaction Type: Disposal
Client: Columbia Threadneedle