Evans Randall Investors has completed the £258m sale of 33 Old Broad Street, EC2, to Hong Kong’s SEA Holdings.
The price paid for the 191,000 sq ft office building represents a 3.46% yield.
Let to the Bank of Scotland until March 2039, the building has one of the longest occupational leases in the City, at a passing rent equating to more than £47.50 per sq ft.
The building was acquired by Evans Randall and its co-investors in mid-2006 from Prestbury Investment Holdings for £197m.
Located in the City’s tower cluster, it could offer a major redevelopment opportunity in the future to provide a landmark tower.
Kent Gardner, chief executive of Evans Randall, said: “The sale of 33 Old Broad Street is evidence of the continued strength of the core City of London office market and reflects the insight and experience the Evans Randall Investors team brought to initial stock selection and ongoing management.
“We are pleased to have found a natural, long-term owner for this prime City asset, with long-term security of income, good reversionary potential and an almost unrivalled redevelopment opportunity.”
33 Old Broad Street was developed by Helical Bar and completed in 1997.
CBRE and Paul Hastings advised Evans Randall.
To send feedback, e-mail Louisa.Clarence-Smith@egi.co.uk or tweet @LouisaClarence or @estatesgazette
