Martins Properties, the UK property company, has completed the acquisition of a multi-let office building at 16 South Park, Sevenoaks, Kent.
Martins Properties has purchased 16 South Park from Milton Group for £7.08 million, which reflects a net initial yield of 5.60%. The 20,199 sq ft three-storey office building with 59 parking spaces is in the heart of Sevenoaks town centre, close to all the amenities that the town has to offer and within 0.5 miles of the railway station.
Current tenants include Sanlam Private Investments, a global financial services business, Densitron Technologies, a leading supplier of electronic displays, Rix & Kay Solicitors, a leading multi-regional law firm and Warners Law, one of the leading law firms in Kent.
Richard Bourne, Property Director, said: “We are delighted to have secured this asset which has immense growth potential as a key business district in the region. Its location close to the M25 and London with excellent train links make it a strong regional office location. There is a shortage of supply and strong demand, therefore we expect rents to increase. We will also look to add value through a programme of refurbishment and asset management.”
Tom Martin, CEO, said “This acquisition is part of our strategy to diversify our portfolio and generate strong risk adjusted returns, both in terms of income and capital growth. Martins Properties are seeking new investment and development opportunities across all sectors in regional Southern England (£5-10m lot sizes) and in Prime Central London Boroughs (£10-£20m lot sizes).”
Martins Properties was advised by JLL, Milton Group was advised by Lewis Ellis & Partners.