SevenCapital acquires £60m mixed-use development site
Birmingham-based developer SevenCapital has invested £60m in the acquisition of office site in Watford.
The company has completed a deal with LaSalle Investment Management to acquire a freehold office building on Clarendon Road.
The building, known as Gresham House, occupies a single acre site in the centre of Watford’s business district and benefits from planning permission for a new 12-storey office and residential building.
The current planning permission is for a mixed-use development comprising 70,000 sq ft of offices, 59 apartments, 52 basement parking spaces and an element of ground floor retail.
Simon Dicken, director at SevenCapital who led the acquisition, said: “We are pleased to have secured this opportunity in the open market which yet again demonstrates our ability to transact in a timely manner. Agreeing and concluding this deal so promptly is further testament to our buying process and execution skills underpinned by a strong cash base.”
The acquisition follows a spate of recent purchases by SevenCapital including Eastwood House, Chelmsford from Aberdeen UK Property Fund; a five-acre redevelopment site in Erdington, from Sainsbury’s; a 10-acre redevelopment site in Stirchley, from Tesco, and Lyndon House, Birmingham also from LaSalle Investment Management.
Phil Carlin, managing director at SevenCapital, said: “We enter into 2018 with circa £1.5bn of development and investment projects underway. These recent transactions fully meet with our current corporate objectives to increase that number to £2bn over the course of 2018.
