Ermyn House, Leatherhead sold to overseas investor
An overseas investor has purchased Ermyn House in Leatherhead, Surrey from oil company Esso.
The freehold opportunity was a sale and leaseback from Esso Petroleum Company Limited, who continue to occupy 77% of the building with the remaining space occupied by Premium Credit Limited. Esso was advised on the sale and leaseback by global real estate advisor, CBRE.
The investment sits within 21.4 acres of private landscaped parkland and is located between the affluent commuter towns of Leatherhead and Ashtead. Situated within close proximity to the M25, the opportunity is strategically located between both Gatwick and Heathrow airports.
Matthew Breen, Investment associate at Knight Frank, commented: “Ermyn House represented an opportunity to acquire a prime office campus in the South East, fully-occupied by Esso Petroleum Company Limited and Premium Credit Limited. It offers numerous asset management opportunities over the medium to long term, including significant residential potential”.
Nick Lebetkin, Managing Director at Even Group: “Our client was attracted to the opportunity by Esso’s covenant and the underlying income in an uncertain 2019 market. This exciting transaction aligns their strategic ambitions and they look forward to acquiring similar income led deals in 2020”.
The sale of Ermyn House provided an excellent opportunity for our client to realise significant value from the disposal of its freehold, whilst retaining a significant proportion of the building for its long term operational requirements