Real estate investment firm Maya Capital has completed the disposal of a West Sussex office building in a multimillion-pound deal.
Highdown House in Worthing has been acquired by a “domestic buyer” for £11m.
Maya Capital acquired the property towards the end of 2015, after which it “improved the certainty of the asset’s income profile” by removing the tenant’s break option and unlocking seven years of certain income.
The sale price of approximately £11m reflects a net initial yield of 6 per cent.
David Pralong, managing partner of Maya Capital, said: “This disposal underlines our strategy of focusing on commercial regional assets with short leases. In negotiating the removal of the break option, we were able to generate significant value for our investors, funds advised by GWM Capital Advisors LLP, part of the GWM Group.
“We continue to find strong investor demand for long-lease commercial real estate across the regions.”
The sale of Highdown House comes on the back of Maya Capital’s disposal of 160-163 Friar Street in Reading last year.
The buyer was advised by Savills on this transaction.