Eyre Estates has bought multi-let Victoria office block 43 Palace Street, SW1.
The company paid £11.5m – a 4.3% net initial yield – to Orchard Street Investment Management for the 15,859 sq ft office-led building.
It is let to four office tenants and one residential tenant, producing £522,896.50 pa.
Office rents are between £35 per sq ft and £45 per sq ft, meaning there is scope for strong rental growth.
Crossland Otter Hunt advised the vendor; MMX Retail acted for the buyer.
joanna.bourke@estatesgazette.com
