DTZ Investment Management has bought the mixed-use City fringe tower Eagle House, E1, from Mount Anvil for £29m, reflecting a 5.73% yield.
The 27-storey development comprises 206 private and 70 affordable flats, and 60,000 sq ft of commercial space.
Mount Anvil bought the stalled development site near Old Street Roundabout in September 2012 from Ireland’s National Asset Management Agency in a co-investment with Area Property Partners and Morgan Stanley.
Work on the Terry Farrell & Partners-designed scheme is due to complete in July 2015.
Tenants include Sainsbury’s, which will occupy a 15,000 sq ft shop; Pret A Manger; and Avanta, which has signed for 31,000 sq ft of offices on the first floor.
Forty Leisure acted as asset manager on the scheme for Mount Anvil.
Director Matthew Shefras said: “The transaction represents an upward trend of predominantly residential-led developers being able to produce and deliver viable mixed-used schemes.”
Stephen & Matthews, Allsop and Nash Bond acted for Mount Anvil; Savills acted for DTZ.
