Hong Kong investor Chen Hsong Holdings has made its UK property investment debut with the £33.1m acquisition of 28 Dorset Square, NW1.
The company, which manufactures and sells plastic injection molding machines, acquired the 23,200 sq ft office adjacent to Marylebone Station from Harbert Management Corporation and XLB.
The agreed price reflects a net initial yield of 4%.
The RIBA award-winning building was completed in 2006 and has recently undergone a major refurbishment by the tenant, Orbis Investment Advisory.
Established by Dr Chiang Chen in Hong Kong in 1958, Chen Hsong has grown from a small machinery workshop to one of the largest manufacturers of injection moulding machines in the world.
The company manufactures and sells plastic injection molding machines and related products in mainland China, Hong Kong, Taiwan, and internationally.
It is also involved with the manufacture and sale of tie bars, hydraulic motors, and casting parts, as well as in property holding activities. The company is headquartered in Tai Po, Hong Kong.
Colliers International advised Harbert and XLB; Savills represented Chen Hsong Holdings.
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