Pacific House is a refurbished Grade A office building. The site is located close to J11 of the M4, comprises 59,304 sq ft of Grade A offices around. It’s let to 7 tenants with a WAULT of 4 years at £1,271,092 per annum (£22.26 psf).
We advised Clearbell Capital on the disposal of the freehold interest of this office investment to CLS Holdings for £15,775,000 in October 2019, reflecting £276 psf, 7.55% NIY, and 8.48% NRY. Montagu Evans provided Clearbell with leasing, asset management and planning advice, with specific reference to Permitted Development Rights to residential along with feasibility analysis.
Pacific House and Atlantic House adjacent had originally been acquired on behalf of Clearbell Capital in 2014 for a combined price of £19,000,000. Atlantic House was sold to Thames Valley Police for £306 psf with VP. The combined sale price was £24,000,000.