Altum acquires Romford OfficesJuly 2018
Altum Capital has acquired an office building in Romford, east London in an off-market transaction for its GLIP strategy.
The building comprises 12,187 sq ft of offices and was bought for £3.475m, reflecting £285 per sq ft.
Redwing Court comprises a two storey office building let to ADT Fire & Security and Globelink Fallow Limited on five and 15 year leases from 2017, with a combined rent of £228,540 pa.
The freehold consists of a 1.1 acre site, with Block A sold off on a long leasehold basis.
The property is located on the Harold Hill Business Estate, set back from the A12 Colchester Road, north east of Romford town centre.
Jack McCarron, Investment Manager at Altum Capital, said: “Our acquisition in Romford further expands our portfolio into a key location identified under our GLIP strategy. We continue to target low capital value buildings across Greater London, with medium term income that provides good optionality in the medium to long term.
“Redwing Court is our fifth acquisition for GLIP, balancing our exposure to the office sector within the platform, whilst maintaining the average unexpired term.”