Picton Property Income buy 30 and 50 Pembroke Court, Chatham Maritime office district

Two office buildings have been acquired by a property firm in a deal worth more than £19 million.

Picton Property Income has purchased the buildings in the Chatham Maritime office district – close to the A289.

The office space is currently occupied by Canterbury Christ Church University, NHS Property Services and Vanquis Bank.

Picton Property have acquired two new offices in Chatham
Picton Property have acquired two new offices in Chatham

30 and 50 Pembroke Court have been described as ‘attractive’ and ‘well specified’ buildings of 35,000 sq ft and 51,000 sq ft respectively.

The purchase price of the space stands at £19.05 million – reflecting a net initial yield of 8.62%.

Picton Capital chief executive Michael Morris said: “These are high quality buildings and we believe this is an attractive entry point both in terms of overall capital value and yield profile.

"Recognising the limited supply in this market, we are confident about prospects and believe we can improve the income profile further.

“This is a significant deployment of proceeds from the final tranche of our placing programme. We have another income enhancing opportunity actively under consideration and hope to report further in the coming weeks.”

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