The National Union of Students has bought 275 Gray’s Inn Road, WC1, from Dorrington Property.
The NUS paid £4.2m for the vacant 12,945 sq ft building, which it will use for its own occupation.
Chris Gillum, investment director at Savills, which acted for the vendor, said: “Having owned the property since 2001, Dorrington recognised its potential as an appealing investment opportunity in the current market and we are pleased to have secured an attractive price for them.”
Dorrington bought the property from Scottish Amicable Life Assurance Society for £3.1m – a 7.7% net initial yield.
Glinsman Weller also acted for the vendor. Lambert Smith Hampton advised the purchaser.
joanna.bourke@estatesgazette.com
