Office work

by Natalie Vincent Thu 22 March 2018, 9:37 am

Commercial property investment company CLS Holdings has bought Harman House at 1 George Street in Uxbridge from PGIM Real Estate for 51 million.

The building, set next to the Underground station, comprises 11,990sq m of office space over nine floors which, with an occupancy rate of 98%, currently earns an annual rental income of £3.52 million.

Chief executive of CLS Fredrik Widlund said: "In line with our strategy, the acquisition of Harman House adds to our portfolio a high-yielding, multi-let office property adjacent to good transport links, and which offers a stable and diversified income stream from strong covenants.

"We believe there is significant scope for us to add value by capturing existing rental potential, and increasing it further through asset management initiatives."

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