London Octopus sold for £15m
Galliard Homes, ARV Investments and Cain Hoy have bought full ownership of the site of the proposed 75,000 sq ft London Octopus tower for more than £15m. The 0.5-acre site near Chiswick Roundabout, W14, was sold by Galliard and London & Bath Estates, and was previously earmarked for a £120m, 160 ft office tower. Neither side was advised on the deal.
Victoria deal nears completion
Meadow Partners, on behalf of the North Carolina Pension Fund, has exchanged contracts to purchase 10-18 Victoria Street, SW1, for £78m – a 3.64% yield. The block, let to the government for 10 years on a low rent of £36.77 per sq ft, has potential for redevelopment or refurbishment. Kieran D Cotter & Co advised the buyer; DTZ acted for the private vendor.
Aviva confirmed as Bristol buyer
Skanska has confirmed its sale of 66 Queen Square in Bristol to Aviva Investors for £32.7m – a circa 4.5% yield. The 61,484 sq ft block is 90% prelet, at a headline rent of £28.50 per sq ft, to tenants including to KPMG and Handelsbanken. JLL and Alder King advised Skanska; Knight Frank acted for Aviva Investors.
Rugby retail park sold for £17m
St Modwen has sold the Technology Retail Park in Rugby, Warwickshire, prior to completion in September. Aberdeen Asset Management has bought the 100,000 sq ft retail park for £17.4m – a sub-6% yield. St Modwen was represented by Morgan Williams; Colliers International acted for Aberdeen.
Contracts exchanged on W1 buy
IVG Institutional Funds has exchanged contracts to buy 11 Baker Street, W1, for £92m – a circa 4% yield. The 70,000 sq ft building is the London office of Pimco. DTZ and BNP Paribas Real Estate advised seller Ahli United Bank; Colliers International acted for IVG.
