Turnstone sells Fenton House, Chelmsford for 7.83m


08-06-2005

Turnstone Estates and Royal London Asset Management have sold the freehold interest in Fenton House, New London Road, Chelmsford to a client of Prudential Property Investment Management for 7.

83million.



The 26,819 sq ft (2,491 sqm) office property is let to Farr plc, NIG and Med-Tel at rents of 23.50 to 24.00 per sq ft (253-258 per sqm).Turnstone Sells Fenton House, Chelmsford for 7.83m



Two floors (extending to 10,736 sq ft/997 sq m) are available to let and have been sold with a limited rent and outgoings guarantee from the vendor.



The total income (inclusing rent guarantee) is 621,791 per annum, and the purchase price equates to a net initial yield of 7.51%.



Griffiths Eccles advised Turnstone Estates and Royal London Asset Management. Allsop & Co acted for Prudential.

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Established in 1989, Turnstone is one of the most active and dynamic property companies in the south east of England.

Turnstone Estates Limited