LaSalle sells Hyde Park Hayes

LaSalle Investment Management has completed the £30.1m sale of Hyde Park Hayes business park to Melford Special Situations. The deal for the 10-acre, mixed-use business park reflects a net initial yield of about 8.2 percent.

The site is strategically located near the M4 and M25, three and half miles north of Heathrow and at the heart of west London’s developing transport infrastructure. The site has recently undergone a refurbishment, which has helped attract several new tenants.

Gary Player, LaSalle’s head of business space, said its successes at Hyde Park Hayes provided a further illustration of the strength of the market. “The letting of 100,000 sq ft to Rackspace in August 2010 was followed up with lettings to China Airlines Limited, WNS Global Services (UK) and Winterflood Securities – taking the occupancy level from 25 percent to 78 percent in less than a year.”

He said LaSalle brought the property to market in March 2011 and attracted strong interest from a wide range of institutional and value-added funds, showing there remained significant demand for the right type of office properties within the South East.
Jones Lang LaSalle acted on behalf LaSalle Investment Managers.