Tristan Capital Partners, in partnership with Addington Capital, has sold the 60-year, long leasehold interest in Harmsworth House, Bouverie Street, EC4 to a private family trust.
The headline sale price of over £28m reflects a net initial yield of about 6.25%
Harmsworth House was one of the properties in the Tree Portfolio bought by Tristan and Addington in August 2014.
The building comprises 60,076 sq ft of predominantly office accommodation and is 80% let to 14 tenants, including Hitachi Consulting and Geo Networks. It occupies a 0.34-acre island site bounded by Tudor Street, Temple Lane and Bouverie Street in the City.
The annual gross passing rent of £2.16m reflects £36 per sq ft overall.
Martin Roberts, principal of Addington Capital, said: “Harmsworth House still offers active asset management potential in the short term, together with a medium-term redevelopment opportunity to provide a brand new building of over 100,000 sq ft. Such opportunities are hard to find in the City.”
Savills advised the joint venture of Tristan Capital Partners and Addington Capital; Capital Real Estate Partners advised the purchaser.
