Singaporean investor Ho Bee Land has confirmed its purchase of 110 Park Street, W1, from Aberdeen Asset Management, as revealed by Estates Gazette.
Ho Bee Land is paying £45.8m, reflecting a net yield of 4.16%.
The purchase follows Ho Bee’s purchase of British Land’s 39 Victoria Street, SW1, for £144m.
110 Park Street is a 27,974 sq ft grade-A office building in Mayfair. Current tenants including Sellar Property, Thunderbird Partners, FM Capital Partners and Aggregate Industries UK.
JLL and Mayer Brown advised Ho Bee Land; Strutt & Parker and Colliers International acted for Aberdeen Asset Management.
JLL head of West End Julian Sandbach said: “Located in one of London’s most prestigious office locations, 110 Park Street is well positioned to benefit from local infrastructure improvements, including Crossrail.
“The acquisition of this highly reversionary office building offers the buyer the opportunity to significantly increase the contracted rent from its current low base through active asset management to capture forecasted prime West End rental growth. Ho Bee’s purchase demonstrates continued confidence from overseas investors in the central London occupational and investment markets.”
Ho Bee Land executive director Ong Chong Hua said: “110 Park Street is our second prime office acquisition in a week and demonstrates our confidence in London as a very attractive and compelling investment destination for overseas investors. We are very pleased with the prompt and excellent advice given by JLL and Mayer Brown to enable us to acquire this exclusive Mayfair property successfully.”
