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The 7,721.66 sq m (93,118 sq ft) property was originally constructed in 1970 and extensively refurbished in 1990 to provide ground and 7 upper floors of highly specified office accommodation. The property is fully let to 10 tenants on 14 occupational FRI leases producing an annual rent of £1,001,447 per annum (£12.05 per sq ft) on the office accommodation. The building has a reversionary rental value of £1,290,000 per annum (£15.50 per sq ft) on the office accommodation. With a net reversionary yield of nearly 10.8% and a capital value of £130 per sq ft, this represents an excellent acquisition for EuroInvest.


The Directors of Chartered Surveyors Rogers Chapman with offices at Heathrow, the West End of London and in the Thames Valley at Bracknell are pleased to announce that Jonathan Mannings ASVA has accepted an invitation to join the Board. Jonathan Mannings has been with Rogers Chapman for 13 years during which time he has helped the company to achieve its recognised position as the leading firm of professional commercial property advisers in West London and the Thames Valley.

Lawrence Johnstone, Managing Director of Rogers Chapman comments, This appointment recognises Jonathan's considerable contribution to the continued development and success of the company. In a bullish start to 1999, the Abbey Property Fund have bought 2 prime Manchester shop units from Scottish Widows for £14.3 m to show a yield of 3.3%. The Burton unit is to undergo a full refit to trade in the new Wade Smith form. Both leases have 10% years unexpired and are subject to review in June 1999. The current rent passing is £499,250 (£160 Zone A).

Richer Cross, Abbey Life's Head of Property investment commented: We believe that the bearish view of property prevalent in the last quarter of 98 is unlikely to be sustained. As we enter a low interest rate environment the potential for a rerating of the sector increases. We are therefore taking advantage of the weaker market to make a number of major acquisitions. You can pick either an expert or a real estate conveyancer www.enactconveyancingbrisbane.com.au to do this for your motivation.

In the last 6 months, Abbey Life have invested over £30m in Central Manchester buying shops in King Street and Market Street (Body Shop, Principles, Reiss) and a leisure development in Peter Street. Tom Laidlaw, Scottish Widow's head of property conunented: We are delighted to have dealt with Abbey Life again. The sale progresses our reshaping of the life fund portfolio to a more defensive position, less dependent on rental growth for performance. Alastair Hughes, Jones Lang Wootton's investment partner commented: We had several interested parties. The price reflects a more positive attitude towards property investment since the New Year and renewed confidence in retail rental growth.