CLEARBELL SELLS CC3, CHURCHILL COURT, CRAWLEY FOR £11.25 MILLION
Clearbell Property Partners II LP (Clearbell), a fund managed by Clearbell Capital, today announces the sale of CC3, Churchill Court, Crawley to a local authority for £11.25 million a 5.68% NIY.Churchill Court is a self-contained campus of three buildings totalling 106,000 sq ft, prominently located at the junction of Manor Royal and Gatwick Road. The sale follows the letting of the whole building to Regus on a 15-year lease.
The asset comprises 27,309 sq ft of flexible grade A office space across two floors. Clearbell acquired CC3 Churchill Court in 2014. The asset forms part of Clearbell's Chalk portfolio, which aims to drive investor returns through asset management. The Chalk portfolio is comprised of 7 office assets across the south-east.
The sale follows the £4 million refurbishment of CC3, undertaken to reposition the office as a flexible Grade A and EPC A asset. This comprehensive refurbishment included installing an architecturally designed entrance and reception, new glazing at ground and first floor levels, new M&E, raised floor, and LED lighting.
Duncan Jarvis, Director at Clearbell, said: "The Chalk portfolio aims to deliver strong returns for investors through the provision of much-needed Grade A office space in key south-east locations. Our expertise in asset management enables us to refurbish assets like Churchill Court to create desirable high-quality space for tenants."
Clearbell was advised by GVA.