Last checked at 13 Nov 2019 07:00
Release date: 13 November 2019
Embargoed until: 07:00 am
CLS Holdings plc ("CLS")
announces the acquisition of 'One Six Six' College Road, Harrow
CLS announces that it has unconditionally exchanged contracts to acquire One Six Six on College Road in Harrow for £13.8 million excluding costs. Completion is expected in January 2020.
One Six Six compromises 34,655 sq. ft (3,220 sqm) of modern office space in Harrow. The property is currently multi-let to eight tenants with a WAULT of 4.8 years to breaks (7.9 years to expiries). One Six Six has a net initial yield of 7.1% and strong cash flow generated from its diverse tenant base. The building was completely renovated in 2016 and boasts attractive features for occupiers such as shower facilities on each floor, a landscaped amenity area and car parking in the basement with 77 parking spaces.
Harrow is an established commercial centre situated approximately 10 miles north-west of Central London and One Six Six is a five-minute walk from Harrow-on-the-Hill train station. Harrow benefits from excellent transport links providing regular services to London Marylebone in 18 minutes, and the underground station providing access to Baker Street in 20 minutes.
Fredrik Widlund, Chief Executive Officer of CLS, commented:
"This property is a great fit for our UK portfolio as we already own a number of assets in the west London area, including nearby Hygeia on College Road where our in-house asset management initiatives have proven to be very successful. We believe that Harrow has significant opportunity for growth within Greater London from which we are well positioned to benefit. We continue to look for acquisition opportunities across our key markets that meet our investment criteria."
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For further information, please contact:
CLS Holdings plc
(LEI: 213800A357TKB2TD9U78)
www.clsholdings.com
Fredrik Widlund, Chief Executive Officer
Andrew Kirkman, Chief Financial Officer
+44 (0)20 7582 7766
Liberum Capital Limited
Richard Crawley
Jamie Richards
+44 (0)20 3100 2222
Whitman Howard
Hugh Rich
+44 (0)20 7659 1261
Elm Square Advisers Limited
Jonathan Gray
+44 (0)20 7823 3695
Smithfield Consultants (Financial PR)Alex Simmons
Rob Yates
+44 (0)20 3047 2546