Buckinghamshire County Council has bought Voyager Place, Maidenhead, from Clearbell Capital for £31 million. Clearbell sold the 56,750 sq ft office on behalf of a fund it manages.
The asset forms part of a portfolio of seven office assets across the South East.
The sale follows the £7m speculative refurbishment of Voyager Place, undertaken to reposition the asset as a Grade A office asset.
The refurbishment programme, which concluded in July 2017, included the installation of LED lighting, new air-conditioning system and six electric car charging points. The reception area, building entrance, and external terraces on the third floor were also updated as part of the refurbishment, following which the building was let in its entirety to FM Insurance Company on a 10-year lease expiring March 2028 paying an annual rent of £1.74m, equating to £32 per sq ft.
Duncan Jarvis, director at Clearbell, said: “Our Grade A refurbishment of Voyager Place was intended to address the lack of Grade A office space in the south east, which continues to experience surging demand. Towns including Maidenhead continue to grow their business communities, without the necessary upswing in supply. Infrastructure improvements like Crossrail have been a draw for tenants and investors in the region, too, as locations such as Maidenhead will benefit from easier access to central London.”
The site is located outside Maidenhead town centre.
Clearbell was advised by LSH.