Woking Borough Council has completed a major purchase, spending £72.35 million on the Dukes Court office complex in the town centre, just three years after the original purchase was made by Ærium and NorthStar Realty Europe for £61.5 million.
The Dukes Court office complex consists of an astonishing 224,000 sq ft. The E-shaped scheme is comprised of five interlinked blocks set on three acres of land. It was built in 1987 and underwent a comprehensive refurbishment between 2008 and 2012.
Fraser Williams, Director at Morgan Pryce and leading Chartered Surveyor in London, explains; “It’s a genuinely positive sign when council / government funds are put into viable investments. All real estate – whether commercial office spaces in London or residential units – deserves government attention on a fiscal level.”
Since buying the complex, Ærium and NorthStar Realty Europe have brought it to 100% occupancy, with 13% rental growth also achieved during their three-year ownership period. Tenants include HMRC, Kuwait Petroleum, Kuwait Aviation, Paradigm Geophysical, and Fidessa Group.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.
