Aver Property reinvests warehouse funds into office accommodation
Ergo Real Estate, on behalf of Aver Property (its JV with NFU Mutual) has completed the sale of its 82,884 sq ft B&Q Warehouse, Nursling Industrial Estate, Southampton to a confidential purchaser, and successfully purchased Curtis Building an office property in Ravenscourt Park from Grosvenor Securities.
Curtis Building is a commanding self-contained warehouse style office building originally constructed in 1932 as the Curtis Electronic Factory, it was converted to offices in 1977.
Currently occupied by Lion Television and Vibe Teacher Recruitment, the 17,270 Sq Ft of office accommodation has generous 3.3 metre floor to ceiling heights with excellent natural light to all floors, and views across Ravenscourt Park.
James Jepson, Investment Executive, Ergo Real Estate comments:
“We are delighted to have worked with both Realty and Grosvenor Securities to get these transactions across the line. Curtis Building reflects the continued diversification of the Aver portfolio and the funds strategy to increase exposure within the office sector. The property is a unique proposition within the Hammersmith market and one we are very satisfied to have brought into the fund.
B&Q, Nursling was part of the first generation of assets brought into the fund in 2019 and the sale and partial reinvestment follows the changing market conditions in the Out of Town Retail sector seen over the past 12 months.”
Aver Property was advised by Knight Frank on the sale and XPROP acted for Realty.
Aver Property was advised by Cushman & Wakefield on the purchase of Curtis Building. Savills & Knight Frank acted for the Vendor.