Cording Real Estate Group has acquired the long leasehold for 111 Strand, WC2, for £46m – a net yield of 4.25%.
Cording acted as adviser for a group of investors, which purchased the property from DTZ Investors.
The site comprises 30,549 sq ft of office space and three retail units over 7,232 sq ft. Private equity firm CVC Capital Partners occupies the majority of the office space, and retail units are let to Specsavers, Albion Computers and the Color Company.
The building occupies a prominent corner position where the Strand meets Savoy Street. It was developed in 2002 and designed by Squire & Partners.
Mark Millar, head of UK and investment at Cording, said: “This acquisition represents an opportunity to reposition the property through a full refurbishment on expiry of the existing office lease to align the current passing rent to current market levels.”
Cording was advised by Crossland Otter Hunt; DTZ Investors was advised by Allsop.
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