Scottish Widows Investment Partnership Ltd (SWIP) has sold the Widewater Place Business Park in Middlesex to Millie Ltd, a private investment firm.
Widewater Place comprises 3 self-contained office properties that have been laid out in landscaped courtyard, with 55 parking spaces. The Middlesex office space is located close to Uxbridge town centre, with good access to Central London on the A40 road and via rail from Denham train station.
The new owners are reported to have bought the Uxbridge office development on 2nd of January, for approximately £25m. However, seven years ago the 120,000 sq ft business park investment was traded for almost £35m.
In 2006, Invesco Real Estate sold Widewater Place for £34.5m. At the time the purchasers were private clients of Insight Investment and the deal provided them with a 6.4% investment yield.
Over successive years the ownership has past from Invista Real Estate (with Canmoor acting as the asset manager), on to the current vendor Scottish Widows and most recently Millie Ltd.
The new landlord has appointed Dowley Turner Real Estate LLP (DTRE) to market the available space.
DTRE’s Simon Glenn expressed the company's excitement at the deal and working with Millie Ltd.
Glenn also confirmed that “a major refurbishment programme" had begun and that the company had received a large amount of interest already.