Thames Valley: Sale of three large headquarters buildings in the offing

Published by

TBM Team

Sales of the headquarters buildings in Uxbridge and Oxford of some of the UK’s best-known occupiers, together worth around £150 million, are moving close to completion, reports CoStar.

Standard Life has gone under offer to sell the 48,550 sq ft home at Stockley Park, Uxbridge, of Suntory Beverage and Food, the owner of Lucozade and Ribena. The sale is understood to be to a private, high-net-worth US investor for around £24m for a 5.9% yield. Standard Life bought the building for £16.7m from CarVal and Chester Properties in 2013, and Lucozade Ribena Suntory has a 10-year lease on it from October 2013. Cushman & Wakefield is advising Standard Life.

There is also expected to be strong bidding this week for pharmaceutical giant GlaxoSmithKline (GSK)’s proposed sale and partial leaseback of its circa 300,000 sq ft, three-building campus at Stockley Park West. GSK has appointed Cushman & Wakefield to go to market with the three buildings of 75,000 sq ft, 144,000 sq ft and 110,000 sq ft. The first of the buildings is vacant, with GSK seeking a sale of it and leaseback of the other two offices.

Market sources have also indicated that Aviva will shortly exchange to sell Oxfam House on Oxford Business Park for a sum in excess of £27m and a net initial yield around 5.7%. The 87,341 sq ft building is let entirely to Oxfam for a term of 20 years expiring in March 2025 and providing an unexpired lease term of 8.5 years. Strutt & Parker is advising Aviva.

Credit: CoStar

TBM Team