Maples Teesdale acted for Rockspring Property Investment Managers and BlackRock UK Property Fund on the sale of the TOR office block in Maidenhead town centre for £35m to M&G Investments.
They appointed Cushman & Wakefield and Bray Fox Smith to find a buyer for the 68,065 sq ft freehold building.
Located on Saint Cloud Way, TOR is let to three tenants – Vertiv Infrastructures, Rank Leisure Holdings and Lane 4 Management Group – at a total passing rent of £2.1m per year, an average of £31.50 per sq ft.
The sale price represents a net initial yield of 5.75%.
The Maples Teesdale team was led by Roger Thornton with assistance from Of Counsel Emily White.