August 2016, Boultbee Brooks Real Estate (BBRE) are pleased to announce the recent acquisition of Stone Cross, Brentwood, Essex from Standard Life Investments for £10,050,000.
Built in 2002, Stone Cross is let on FRI terms to Canon (UK) Limited until June 2018 with two established sub-tenants also in occupation. The building provides 38,360 sq ft of Grade A office accommodation arranged over ground and three upper floors and also benefits from one of the best car parking ratios in Brentwood, with parking for 130 cars (1:295 sq ft).
Situated on the edge of Brentwood Town Centre, the property is located only a short distance from the amenities of the High Street but also benefits from its close proximity to Brentwood railway station, which provides direct access within half an hour to the City of London via Liverpool Street Station. In addition, rail connections to London are set to improve further by 2018 once the new Elizabeth Line (Cross Rail) opens at Brentwood Station. The town also benefits from excellent access to Central London via the A12 and the wider national motorway network via its proximity to the M25 Motorway.
Commenting on the acquisition, Lucy Boultbee-Brooks of BBRE said, “Stone House is an excellent quality office building in a strong Greater London market which has seen a recent and sizable reduction in its office supply, as various buildings have been converted to residential use under PDR. Brentwood itself is a thriving business location that we believe will continue to prosper as a result of its excellent links to London and these will only improve beyond 2018 with the arrival of Crossrail. As a result, we are confident that occupier demand will continue to remain strong for the foreseeable future.”
Acting on behalf of the purchaser, Robert Cannock of Aurum Real Estate, who advises BBRE, said: “The purchase of this asset continues our strategy of selectively acquiring properties with strong underlying fundamentals, where there are short term opportunities to improve the asset through active asset management.”.
Savills advised Standard Life Investments.