Frogmore Estates, in association with City & General, has sold 4 Abbey Orchard Street, London SW1, for £18.9m on an initial yield of 6.8%.
The 3,150 sq m (33,980 sq ft) offices which were formerly let to the Secretary of State for the Environment Transport and the Regions, will now be occupied by the Department of Trade and Industry.
A 20-year lease has been agreed at a rent of £1,350,564 pa, which equates to £418.51 per sq m (£38.88 per sq ft). The sale also includes 30 long leasehold apartments and 25 car spaces.
Paul White, managing director of Frogmore Estates, said: “This is believed to be one of the first significant West End sales this year and is a reflection of the continuing weight of capital allocated for well-let London properties.”
Crowson Bellman Gill Adams advised Frogmore and City & General while Jones Lang LaSalle represented the buyers, a group of private overseas investors.
EGi 20/01/00
