Columbia Threadneedle has brought to market for sale Hyde Park Hayes, a four-building campus in west London, seeking £93.27 million or an 8.94% net initial yield.
Knight Frank has been appointed to market the campus totalling 430,256 square foot used as offices, data centres and a multi-storey car park in the town of Hayes.
The park, which is home to cloud computing pioneer Rackspace among others, produces a topped-up income of £8,909,476 a year reflecting an average passing rent of £31.14 per square foot.
There is a weighted average unexpired lease term of 2.4 years to break and 2.6 years to expiry,
Building 1 is fully refurbished to a BREEAM Very Good rating and comprises 91,677 square feet of offices with the ground floor let to one of the world’s largest technology companies.
Building 2 is multilet to Rackspace and IG Index and totals 63,576 square feet of data centre and office accommodation with 22,198 square feet of vacant office accommodation on the first floor.
Plot 3 is 0.87 acres and provides 110 surface car parking spaces with the opportunity for immediate redevelopment.
Building 4 occupies a 1.15 acre plot and is a multi-storey car park of 140,000 square feet and 696 spaces,
Building 5 is a state-of-the-art 130,903-square-foot headquarters office building fully let to Rackspace until May 2025 at £35.66 square feet.
Hyde Park Hayes is located within an area of "white land" in the London Borough of Hillingdon, meaning it is not allocated or safeguarded for any specific use. This provides the site with a high level of flexibility for alternative uses including data centres, industrial, residential or life sciences/good manufacturing practice.
Columbia Threadneedle bought the park, often dubbed Rackspace City, from Melford Capital Partners in 2015.