CLS Holdings completes disposal of Benwell House for £9.25m

CLS Holdings has completed the disposal of Benwell House in Sunbury-on-Thames to Spelthorne Borough Council for £9.25m.

The property, which comprises 25,587 sq ft, was let in its entirety to Schindler Limited until March 2017. Following the expiry of the lease, a strategic assessment of the building identified it as having potential for alternative uses in addition to its existing office use. CLS bought the property in 2013 and it was valued at £7.5m at 30 June 2017.

Chief executive officer Fredrik Widlund said: "Since its acquisition four years ago, Benwell House has generated a good return for CLS, and we have now chosen to sell the building with the potential for a change of use and to reinvest the proceeds into assets that fit better with the group's strategy."

At 0845 BST, the shares were down 0.3% to 203.41p.