Clearbell Capital today announces that it has sold Voyager Place, Maidenhead, for £31 million a 5.25% NIY, to a Local Authority, on behalf of a fund it manages, Clearbell Property Partners II LP (Clearbell).

Voyager Place is an office building, comprising 56,750 sq. ft of prime office space. Clearbell acquired Voyager Place in December 2015. The asset forms part of the Chalk portfolio, which aims to drive investor returns through asset management initiatives and reletting. The Chalk portfolio is comprised of 7 office assets across the south-east.

The sale follows the £7 million speculative refurbishment of Voyager Place, undertaken to reposition the asset as a Grade A office asset. The refurbishment programme, which concluded in July 2017, included the installation of LED lighting, new air conditioning system and six electric car charging points. The reception area, building entrance, and external terraces on the third floor were also updated as part of the refurbishment, following which the building was let in its entirety to FM Insurance Company Ltd on a 10 year lease expiring March 2028 paying an annual rent of £1.74 million, equating to £32 per sq ft.

Duncan Jarvis, Director at Clearbell, said: “Our Grade A refurbishment of Voyager Place was intended to address the lack of Grade A office space in the south east, which continues to experience surging demand. Towns including Maidenhead continue to grow their business communities, without the necessary upswing in supply. Infrastructure improvements like Crossrail have been a draw for tenants and investors in the region, too, as locations such as Maidenhead will benefit from easier access to central London.”

The site is located outside Maidenhead town centre in a key Thames Valley business location, with good rail connections to both London and Reading and access to the M4.

Voyager Place is fully let to FM Insurance on a 10-year lease, expiring in 2028.