The Church Commissioners has booked a significant profit on the sale of a Moorgate office block.
The commissioners, which manage investments on behalf of the Church of England, has sold 17 Moorgate, EC2, to a private Japanese investor for £17m – a 3.5% net initial yield.
The sale comes four years after the Church Commissioners bought the multi-let office and retail building from Stockland for £10.5m, reflecting a 5.5% yield.
Tenants include recruiter OTC and stockbroker Reyker Securities.
Gryphon Property Partners advised the vendor; Savills acted for the purchaser.
