A lawyers’ pension fund has sold an office block facing Embankment Station, WC2, to InfraRed Capital Partners for more than £25m – a yield of circa 4.75%.
Hempsons House at 40 Villiers Street has been sold by a pension fund for some of the partners at healthcare solicitors’ Hempsons, which occupy the entire 17,000 sq ft of offices in the building.
The law firm is understood to be considering relocating its offices from the building next year, making way for InfraRed to carry out a refurbishment.
Starbucks and Wasabi are among retail occupiers at ground level. Total rental income at the building is £1.25m per annum.
GM Real Estate advised the pension fund; Capital Real Estate Partners and BBG Real Estate Advisers represented InfraRed Capital Partners.
To send feedback, e-mail Louisa.Clarence-Smith@egi.co.uk or tweet @LouisaClarence or @estatesgazette
