15/11/2011

Investment managers Investream and Angelo, Gordon & Co have bought the Frimley Business Park in Surrey for £15m.

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Frimley Business Park which comprises 161,704 sq ft across nine office buildings, has been sold by laSalle Investment Management.

The park covers 13.4 acres, within which there is a 1.6 acre development site with consent for two new offices totalling 75,000 sq ft.

Current occupiers at the park include Alcatel Lucent and the Environment Agency.

Richard Talbot-Williams, investment director at BNP Paribas Real Estate who advised LaSalle, said: “The oversupply of office space and lack of tenant demand in the M3 market since 2008 has been seriously acute but the sale of this asset shows that investor confidence in the location has started to move in a positive direction.”

Investream was represented by Lewis and Partners.

Source – Property Week