Tristan Capital Partners, in partnership with the asset management and investment specialist Addington Capital has sold the 60-year long leasehold interest in Harmsworth House in Bouverie Street, EC4, to a private family trust.
It has been sold for around £28m – a 6.25% yield.
Harmsworth House was one of the properties purchased in the Tree Portfolio, acquired by Tristan Capital Partners and Addington Capital in August 2014.
The building comprises 60,076 sq ft of mainly offices and is 80% let to 14 tenants including Hitachi Consulting and Geo Networks with an annual rent of £2.16m, reflecting £36 per sq ft.
Addington Capital principal Martin Roberts said: “Harmsworth House still offers active asset management potential in the short term together with a medium term redevelopment opportunity to provide a new building of more than 100,000 sq ft. Such opportunities are hard to find in the City, particularly in today’s competitive market.”
Savills advised the jv. The purchaser was advised by Capital Real Estate Partners.
