Quantum sells in Brighton and buys in Maidenhead

Quantum Pension Scheme has sold an office and retail scheme in Brighton for £12.6m, reflecting a yield of 6.5%.

Queensberry House, which is located close to Brighton station, has been acquired by a fund client of Knight Frank.

The building totals 35,622 sq ft and is let to eight tenants, producing an annual income of £870,000, over half of which is derived from Regus, which pays a mixture of guaranteed turnover and profit rent.

Other tenants include Tesco, Subway, Dyn and Lockton with office rents averaging £24/sq ft.

The building was originally purchased by Quantum in 2005, and a full refurbishment and re-letting exercise was carried out in 2009-10.

Quantum has also acquired Clarion House, on Norreys Drive, in Maidenhead from CBRE Global Investors for £7.3m, reflecting a net initial yield of 7.33%.

Four tenants currently occupy 24,860 sq ft of the 33,303 sq ft building. Rents average only £17/sq ft compared with rents of £32/sq ft at nearby Vanwall Business Park.

BNP Paribas Real Estate advised Quantum on both deals. CBRE GI was advised by Hanover Green.

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