Savills brings Noel Smyth’s Alburn CMBS 29-strong ‘Ruby’ portfolio to market

Savills has brought a 29-strong UK secondary portfolio from Noel Smyth’s Alburn REC 6 CMBS to market with a guide price of £66m, dubbed the Ruby Portfolio, CoStar News can reveal.

The composition of the Ruby portfolio, reflects a net initial yield of 13.30%, and comprises office properties located in Guildford, Doxford, Birmingham and central London and industrial assets situated in Northampton, Fareham, Wimbledon and Swanley.

The Ruby portfolio forms around two-thirds of the entire UK-wide pool of assets, which are listed below.

Julian Clarke, Kevin Mersh, Matthew Nagle and Neal Morrison of Savills were appointed joint LPA receivers over Alburn REC 6 underlying properties in May this year.

Peter Cooper-Parry, Head of Savills Portfolio Sales team, said: “We are delighted to be launching The Ruby Portfolio at a time when there is strong appetite for good secondary stock requiring intensive asset management and when the market is still short of product.  We also expect the yield of 13.30% to prove highly attractive to prospective investors.”

Since being appointed in May, the LPA receivers have sold three assets in the portfolio to special purchasers.

Kevin Mersh, director at Savills and appointed LPA receiver, said: “We have now completed a strategic review of all of the properties in the Alburn/REC 6 Portfolio and have been able to conduct asset management initiatives with some tenants and special purchasers. We now feel that the time is right for a majority of the properties to be collectively marketed within The Ruby Portfolio.”

In conjunction with Savills LPA Receivership appointment, Simon Thomas and Shelley Bullman of Moorfields Corporate Recovery LLP have also been appointed as administrators over the companies in the Alburn Group which hold Scottish properties.

The 29 Ruby portfolio properties are among the wider 45-strong UK-wide portfolio listed below, together with the April 2012 valuation by CBRE.

Offices

Project House in Tottenham Court Road – valued at £10.075m

Lambert Court in Eastleigh – valued at £10.4m

1-7 Stoke Road in Guildford – valued at £4.84m

Westwood Business Centre in Coventry – valued at £4.7m

Furnival Street in London – valued at £4.525m

Bartley Wood in Hook – valued at £4.3m

Whyteleaf Business Village in Croydon – valued at £3.675m

Corner Hall in Hemel Hempstead – valued at £3.5m

Scott House in Greenock – valued at £3.285m

Vantage House in Norwich – valued at £3.15m

Meadowbank in Bourne End – valued at £2.8m

Kiln House in Norwich – valued at £2.76m

Regus Building in Doxford – valued at £2.74m

St Mary at Hill in London – valued at £2.65m

Pentland House in Livingston – valued at £2.6m

Post Office Building in Doxford – valued at £2.5m

Masons Hill in Bromley – valued at £2.3m

12 Grosvenor Place in London – valued at £2m

Columbus House in Newport – valued at £1.75m

37A Waterloo Street in Birmingham – valued at £1.625m

Westminster Court in Old Woking – valued at £1.5m

Cater House in Chelmsford – valued at £1.3m

Hopetown in Darlington – valued at £1.25m

Colindale Avenue, Colindale in London – valued at £1.15m

Lonsdale House in Birmingham – valued at £980,000

7 St James Street South in Belfast – valued at £900,000

Kings Road in Reading – valued at £850,000

Burlington Court in Slough – valued at £760,000

Stephenson House in Killingworth – valued at £690,000

Shopping Centres

Waterdale Centre in Doncaster – valued at £8.98m

Retail

Lunn Poly House in Leamington Spa – valued at £1.975m

Commercial Street in Newport – valued at £400,000

Industrial

John Wilson Business Park in Whitstable – valued at £3.18m

Greenrole Trading Estate in Aberdeen – valued at £2.7m

Ransomes Europark in Ipswich – valued at £2.25m

Bellshill Industrial Estate in Glasgow – valued at £2.31m

Cromwell Road in Wisbech – valued at £2.11m

Segensworth West in Fareham – valued at £1.88m

Whittle Close in Wellingborough – valued at £1.345m

Moreton Industrial Estate in Swanley – valued at £1.18m

Churchill Industrial Estate in Lancing – valued at £1.1m

Athena Avenue in Swindon – valued at £900,000

Durnsford Industrial Estate in Wimbledon – valued at £840,000

Spinney Industrial Estate in Northampton – valued at £735,000

Woolaston Road in Redditch – valued at £715,000

jwallace@costar.co.uk

About CoStar News

Finance Editor, CoStar News
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