An overseas consortium has bought International House in Brighton from Osborn Securities for £5.1m.
International House, at 76-81 Queens Road, comprises 26,273 sq ft (2,441 sq m ) of offices over five floors.
It also includes a further 5,372 sq ft (499 sq m) of retail on the ground floor and 6,434 sq ft (598 sq m) of storage on the lower ground floor, with parking in the basement.
The deal reflects an initial yield of 8.5%. The total current income is £453,250 pa.
The offices are let for 20 years from 8 November 2000 to Victoria Real, a communications company, at a passing rent of £377,750 pa, which equates to £14.38 per sq ft (£154.19 per sq m).
The retail and storage space is let for 15 years from 15 July 1997 to Linnco, trading as Budgens. The current passing rent is £75,000 pa.
Strutt & Parker and Stiles Harold Williams advised Osborn Securities; Smiths Gore represented the purchaser.
EGi News 09/01/02
