CarVal/Chester bag Stockley Park brace

CarVal Investors and operating partner Chester Properties have secured a brace of occupier deals at Stockley Park at significant values as the key west London business park continues its renaissance.

CarVal and Chester have sold the recently refurbished 46,445 sq ft 5 Roundwood Avenue,to MSC Cruise Management UK for its own occupation, and have also let the first floor of 3 Roundwood Avenue (21,582 sq ft) to Russian air cargo group Volga Dnepr.

MSC, a world leader in cruise shipping, had considered options throughout the South East. The property was purchased by MSC for its own occupation for an undisclosed price. Market sources suggested a price of around £18m.

In addition, global air cargo group Volga Dnepr has signed a 10-year lease to occupy the whole of the first floor of 3 Roundwood at a confidential rent. Market sources suggested Volga was paying circa £33.50 per sq ft, evidence of the strongly improving rental tone at Stockley.

CarVal Investors and Chester Properties bought both buildings along with 1 Roundwood Avenue, and subsequently refurbished them to Grade A specifications.

The first floor of 1 Roundwood was let to Kuehne & Nagel in July 2015 with the 7,804 sq ft ground floor suite currently under offer. The leasing of 3 Roundwood Avenue and the sale of 5 Roundwood Avenue marks the end of a successful year for CarVal Investors and Chester Properties, having sold 1 Roundwood Avenue earlier in the year to CCLA.

CarVal Investors and Chester Properties are currently refurbishing the 21,000 sq ft ground floor of 3 Roundwood Avenue to high quality Grade A standards, with works due to complete in February 2016. The quoting rent is £35 per sq ft.

Charles Dady, Head of South East Office Agency at Cushman & Wakefield, said: “These transactions demonstrate the strengthening demand for, and reducing supply of, grade A offices in the key Thames Valley sub markets.”

Cushman & Wakefield, DTRE, JLL acted for the landlord. MSC was represented by KA Property and Volga Dnepr was unrepresented. All parties declined to comment on the details of the deals.