The investors in The Chiswick Park Unit Trust (CHISPUT) have sold 100% of the units in CHISPUT the Jersey based property unit trust that owns Chiswick Park in West London to The Blackstone Group. The sale was based on a property price of £480 million reflecting a 6.6% net initial yield. Savills and CB Richard Ellis acted in a joint agency capacity on behalf of the investors.
The investors in The Chiswick Park Unit Trust (CHISPUT) have sold 100% of the units in CHISPUT the Jersey based property unit trust that owns Chiswick Park in West London to The Blackstone Group. The sale was based on a property price of £480 million reflecting a 6.6% net initial yield. Savills and CB Richard Ellis acted in a joint agency capacity on behalf of the investors.
Chiswick Park is one of the premier office parks in Europe and serves as the European and UK headquarters for more than 20 companies, including Paramount Pictures, Discovery Channel and Tullow Oil.
Set in 33 acres, Chiswick Park has planning consent for over 1.8 million sq ft of office and mixed use accommodation including retail, gym and health club facilities.
To date, CHISPUT which is managed by Schroders and advised by Stanhope and Aberdeen Asset Management, has developed 1.25 million sq ft of accommodation, with a further 550,000 sq ft to be built.
Blackstone have retained Savills and CB Richard Ellis as letting agent for both the existing vacant space of approximately 100,000 sq ft and the two remaining sites.
Richard Merryweather, director of investment, says: “This marks one of the biggest investment transactions to complete so far this year and we were particularly pleased to be involved given our agency team have been appointed on the leasing for over ten years.”
Jeremy Bates, national head of office agency, adds: “Chiswick Park lettings represented over a third of Western M25 office market deals last year – a testament to the ongoing success of the park.”
Savills has been involved in the Chiswick Park site since inception. The firm advised the original investors in 1999 and have been involved in subsequent development and leasing activity to date. The park has won awards including Financial Times Top 50 Workplaces, British Council for Offices Award and British Construction Industry Awards.