City office sold to Singaporeans
Singapore Warehouse Company has bought Marcol’s 3-7 Herbal Hill, EC1, for £24.9m – a net initial yield of 4.15%. The 32,935 sq ft office is fully let to Guardian News and Media, which has sub-let the space to media company Seven. Michael Elliot acted for Marcol; the buyer was unrepresented.
Harrow housing HUB sold
Aberdeen Asset Management has bought an 84-home private rental development in Harrow, Middlesex, for £31m, a sub-4% yield. The HUB was sold by Sheikh Holdings, which bought the 57,000 sq ft office in 2012 before converting it through permitted development rights. De Morgan & Co acted for the vendors; BNP Paribas Real Estate acted for Aberdeen.
LondonMetric sells cinema freehold
LondonMetric Property has sold the freehold of the Odeon multiplex cinema in Taunton, Somerset, to Asda Pension Fund for £9.1m – a 5.5% yield. The five-screen, 27,000 sq ft cinema is let to Odeon Cinemas for a remaining term of 22 years. Knight Frank advised LondonMetric; Montagu Evans and Kitchen La Frenais Morgan advised the purchaser.
CORRECTION
In last week’s Planet Property column, Peter Bill incorrectly reported that Oxford Properties Group, the real estate arm of Canadian pension fund OMERS – the Ontario Municipal Employees Retirement System – had bought and was selling a stake in Thomas More Square, E1, in deals with Land Securities. It was in fact a joint venture with the Ontario Teachers’ Pension Plan Board. Estates Gazette is happy to make it clear that OMERS has never owned a stake in the estate, neither has its real estate arm Oxford Properties, nor has chief executive Paul Brundage had any involvement. Estates Gazette apologises to Oxford Properties and to all others concerned.
