ACRE Capital have advised Federated Hermes on the sale of Wellington Gate, 7-9 Church Road, Royal Tunbridge Wells for a price of £6,875,000, reflecting a net initial yield of 6.22% and a capital value of £252 per sq ft. This pricing was achieved after a competitive marketing and bids process and equated to a 6% premium over the quote price.
Wellington Gate comprises of a highly prominent town centre office of 27,356 sq ft arranged over ground and 6 upper floors. The property is multi-let to 6 tenants with a WAULT of 6.0 years to expiries and 2.0 years to breaks, with a current passing rent of £456,452 pa., reflecting £26.82 per sq ft overall. To unlock the buildings full potential, the asset would benefit from refurbishment and re-positioning work and a refurbishment proposals pack was drawn up to assist with the marketing.
Location: Tunbridge Wells
Property Type: Office
Transaction Type: Disposal
Client: Federated Hermes
