Grosvenor Estate Holdings has confirmed the sale of its 50% interest in Friary Court in the City of London for £16.5m, reflecting a net initial yield of 8.7%.
A private UK investment company bought the 6,595 sq m (70,992 sq ft) property at 65 Crutched Friars in EC3.
Deloitte & Touche holds a lease on the offices until December 2009 at a passing rent of £2.9m (£473.63 per sq m/£44 per sq ft). However, Lambert Fenchurch Group occupies the scheme on a sublease.
Jones Lang LaSalle acted for Grosvenor, while Fletcher King advised the purchaser.
EGi News 10/05/99
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