STR Capital Partners has bought Lotus Park in Staines from Legal & General for £32.5 million in what is understood to be the largest office transaction in the South East this year.
Lotus Park comprises three fully-let grade A office buildings with waterside views in central Staines-upon-Thames. The buildings are rated EPC A or B. Globally recognised occupiers including RBS, DHL and Chubb Group leased 43,921 square feet of the 80,000 square feet space in 2022 and 202.
L&G bought the buildings from McKay Securities in 2009 for £24 million.
The next largest sale in the South East this year is that of The Brinell Building in Brighton in March for £27 million.
In a Linkedin post James Delliere, national investment executive director at CBRE, said: "The transaction demonstrates the continued demand for 'Best in Class’ assets within the office sector, with 86% of total take up in the South East secured against new or grade A space in Q1 this year."
Mark Stansfield, CoStar's head of UK analytics, said: “STR Capital’s £32.5 million purchase of Lotus Park is the largest office transaction in the South East in the past year, eclipsing the £27 million paid by France’s Iroko for Brighton’s Brinell Building in March. It is just the fourth South East office deal over £30 million in the past two years, down from 21 in the preceding two years.
"While office volumes have fallen away everywhere during the market downturn, particularly at the larger end, investors appear especially wary of office buildings in business park-heavy locations like the South East amid concerns over occupier demand and high vacancy.”
CBRE advised STR Capital while Savills advised L&G.
STR Capital Partners is a UK focused commercial real estate investment and asset management company that finds, invests and strategically manages assets on behalf of high-net-worth individuals, family offices and trusts, and select corporate entities.