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The Astral Towers office building in Crawley has officially been brought to market. Quidnet Capital, the current owner of the office scheme, is seeking offers in excess of £25.7 million, and real estate giant Knight Frank has been instructed for this major office disposal.
The building comprises 118,000 sq ft of office space spanning over eight floors, 96% of which is let to 11 different tenants, including Boeing subsidiary AerData, British Airways, Avios, and Elekta. The property also has a ground-floor Tesco supermarket and a Snap Fitness gym, as well as a 624-space car park. If sold for its asking price, the deal would reflect a 7.38% yield. Astral Towers, which was extensively refurbished in 2012, is part of the Manor Royal Business District in the Gatwick Diamond area. The building sits less than two miles south of Gatwick Airport, bordering the area earmarked for the airport’s proposed second runway.
Eugene O’Sullivan, leading Chartered Surveyor and Managing director at Morgan Pryce, says; “Due to the slight depreciation of the pound and Brexit uncertainty, many landlords have considered selling stock to achieve the best fiscal revenue possible. Furthermore, the market has become incredibly competitive due to an influx of foreign investors capitalising on London’s vulnerability by buying commercial and office schemes located in the city.”
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.