Irish Life Assurance has sold office building 117 Piccadilly, W1, to a private Middle Eastern buyer for £18m.
The price paid for 13,476 sq ft Hammond House reflects a 3.44% net initial yield.
St James’s Place Wealth Management is the main tenant at the seven-floor property, with a lease until August 2019, generating £655,000 pa.
Jonathan O’Regan, associate director at Savills, which acted for the buyer, said: “117 Piccadilly offers the fundamental investment criteria of a superb central London location, a strong covenant and excellent future potential.”
Caroline Bracken, fund manager at Irish Life Investment Managers, added: “This was an excellent opportunity for Irish Life to capture the exceptional level of interest from overseas investors in the West End market and achieve what we believe is a very strong price.”
joanna.bourke@estatesgazette.com
