Pears Property has bought a 70,000 sq ft office block in Finchley, north London, for £25m – a net initial yield of 5%.
The company plans to build a residential development on the two-acre site at 298-304 Regents Park Road, N3.
HM Revenue & Customs occupies 25,000 sq ft at the existing building, on a lease expiring in 2020. Average rents at the address are £20 per sq ft. The price reflects a capital value of £380 per sq ft.
The building was sold by a private vendor, advised by Richard Susskind & Company. Pears Property was unrepresented.
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