Cornerstone Real Estate Advisers Europe has bought the Davidson Building at 5 Southampton Street, Covent Garden, WC2, for £66.2m from Derwent London.
The building was on the market through agents CBRE and JLL for £64m, which reflected a 4% yield.
The 44,200 sq ft Davidson Building, which includes an original Edwardian façade, comprises 31,800 sq ft of offices and 12,400 sq ft of shops.
It is fully let to six tenants including British Computer Society, the Chartered Institute for IT and media barter company, Astus, on leases expiring between 2019 and 2025.
Sainsbury’s occupies the ground floor.
Darren Hutchinson, senior director – fund management at Cornerstone Europe, said: “The micro location continues to strengthen with the improving immediate environs yet still offers occupiers relative value in the context of the West End and other London submarkets.”
Michael Elliott advised Cornerstone.
