Development Securities has bought Tubs Hill House in Sevenoaks for £5.5m, a 5.24% yield.
The 64,800 sq ft block was sold by administrators acting on behalf of Lloyds Banking Group.
It has a vacancy rate of 66%, but has potential for changes of use, with part of the building having consent for a hotel and residential redevelopment.
The 1960s block consists of two office towers, connected at ground level by a reception area.
DevSec chief executive Michael Marx said: “This is a very well-located office development offering a number of options for value enhancement.
“This is the fifth asset that we have acquired from administrators acting on behalf of Lloyds Banking Group, the most recent of which was the acquisition of a mixed-use development opportunity in Romford in July this year and before that, the Rock portfolio in October 2010.
“This latest acquisition supports our current focus of recycling an element of our equity into real estate opportunities where we can continue to add significant value.”
