RO Group’s south east expansion
Through its wholly owned subsidiary RO Real Estate, which acquires, manages and develops commercial property assets, RO Group has been very active in the south east, underlining its strategy of adopting a long term approach to business.
In Sevenoaks, Kent, RO has acquired a 14,524 sq.ft multi-let office building at 1 Suffolk Way from Marley Pension Limited for £4.6 million. The four-storey office building with 59 parking spaces is close to local amenities and Sevenoaks Railway Station, providing excellent access to London via Charing Cross, Waterloo and London Bridge Stations. RO will seek to refurbish the property and provide high quality accommodation. The low level of supply, coupled with the high demand for good quality office space is already delivering strong rental growth.In Weybridge, Surrey, RO has begun work on Dakota, a speculative office development at Brooklands. A self-contained high quality modern office building comprising 35,582 sq.ft, Dakota will be prominently situated at the heart of the business park which has attracted a number of high profile occupiers including LG, Sony Europe, Samsung, Regus, Proctor & Gamble and Mercedes Benz. On completion, scheduled for March 2017, Dakota will offer four floors of up to 11,200 sq.ft. Future occupiers will also benefit from Grade A office space, 122 dedicated car parking spaces (1:290 sq.ft), two entertainment roof terraces, 30 cycle spaces and eight shower facilities.
Following refurbishment and representation, RO has also recently sold Crabtree Office Village in Egham, Surrey, its four unit office park to House of Hiranandani for £4.3 million. Nearby in Staines, RO also owns Staines One, an 8,188 sq.ft three storey office building adjacent to Staines mainline railway station with 33 dedicated car parking spaces, acquired in 2007 and subsequently fully refurbished.
Following strong demand, RO has fully let the building to tenants which include IDG, United Closures & Plastics and Le Mare Design at rents of up to £28.50psf.
Richard Bourne, head of RO Real Estate, commented: “The south east office market is currently characterised by a limited supply of good quality space and a healthy level of demand. In many areas there is less than 3-6 months of supply and as a result we are seeing strong rental growth. We see this as an excellent opportunity to manage the assets to deliver long-term capital growth and performance given the location and market characteristics. Many of these south east towns also offer alternative use angles, which enables us to de-risk the investment and potentially deliver additional returns. These examples are all reflections of the RO’s approach to property; finding opportunities to create value in every asset we own whether through redevelopment, refurbishment or general asset management.”
For more information visit ROrealestate.co.uk