CLS acquires second New Malden office block

Posted on by John Cronin

A property investment company has officially announced that it has completed the purchase of an office block in New Malden, London.

CI TowerCLS Holdings plc (CLS) has purchased the multi-storey Apex Tower, located in High Street, New Malden for a total of £21.46m. CLS now has two office blocks in the town as it already owns the CI Tower (pictured) that is on the opposite side of the road, next to the railway station.

Apex Tower is predominately an office block scheme though there are both retails units and a pub on the ground floor. The building also has a four storey car park to the rear. The upper 15 floors of offices offer approximately 99,000 sq ft of floor space.

CLS report that the building is currently fully let, mainly on a long term lease to BAE Systems. The rent payable on the offices amounts to £1.748m giving an approximate rental price of £17.65 / sq ft.

Sten Mortstedt, Executive Chairman of CLS, commented: “We are pleased to conclude the purchase of Apex Tower. It continues our focus on owning cost effective offices, which generate reliable cash flow. ”

The nearby CI Tower in St Georges Square also has 15 upper floors of offices and offers approximately 81,400 sq ft of floor space. Agents Cattaneo Commercial are currently marketing empty office space on the 4th and 10th floors of the building at rental prices of £21 / sq ft.

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