CLS Holdings has sold its Vista Centre in Heathrow for five per cent less than its valuation price, Property Week has reported.
The building was bought by CLS for £10.8 million in 1995, when it was let to Hoechst. The new owner, Vista Property Investments has paid £12.8 million and the sale represents an annual yield of 7.4 per cent.
The 102,345 sq ft Vista Centre is currently let to the Metropolitan Police and Airline Business.
Commercial properties in Heathrow are in an excellent location – they benefit from quick access to the airport and travel links into the city.
Included in the sale were a restaurant, gym and swimming pool, which were added in 1999 after the building’s tenant paid to be released from its lease.
Commercial property is considered an excellent investment and currently many funds and developers are looking to buy at competitive prices.
CLS Holdings first listed on the London Stock Exchange in 1994 and now boasts a market capitalisation in excess of £460 million, with a property portfolio spanning a number of European sites including London, worth £1.16 billion.
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