The Premier Property Group and Bell Hammer, advised by Strutt & Parker, have forward sold their joint venture development Purple on Solent Business Park, Fareham to Invista Real Estate acting on behalf of the Equitable Life Assurance Society for £19.82 million, reflecting a net initial yield of 4.95%.

Purple is a newly completed high quality headquarter office building totalling 52,878 sq ft. The building is let to Zurich Insurance Company for 15 years at an annual rent of £1.03 million.

Catherine Bulcock, Director at PPG comments:

“When we purchased the site with our development partner Bell Hammer, it was always our intention to build on a speculative basis. We are delighted that our convictions have been fully vindicated by not only attracting a high quality occupier in the form of Zurich, within four months of construction starting, but also to have agreed a forward sale to Invista real Estate.”

Whitmarsh Holt Young and Lambert Smith Hampton advised Invista Real Estate.

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NOTES TO EDITOR

The Premier Property Group is a subsidiary company of Murray International Holdings Ltd which is owned by Sir David Murray, the Scottish Entrepreneur. PPG has over the last 15 years developed over 2 million sq ft of office and industrial space, with their expertise focusing on the delivery of high quality schemes which offer design, flexibility and longevity. PPG has offices in Edinburgh, Leeds, Manchester and London. Website www.ppg.co.uk