Kier Property and Investec have sold Kings House in Hammersmith, W6, to Catalyst Capital for £50m.
Catalyst acquired the 58,100 sq ft office block on behalf of a family office. The price reflects a net initial yield of around 6%.
The building is let to co-working provider Work.Life, consultancy firm 4C Associates, broadband provider Hyperoptic SailGP.
Phil Sutton, senior development director at Kier Property, said: “We have been delighted by the performance of this well-positioned development and continue to look for new opportunities to expand on our existing and identified pipeline of £1.5bn GDV.”
Guy Wilson, partner at Catalyst Capital, added: “This high-quality, grade-A property has been acquired to provide a long-term income return. We are seeking similar multi-let office buildings in central London and in other European gateway cities.”
Kier acquired the site from Haymarket Media in 2013 and developed the seven-storey building the following year.
The sale comes in the wake of plans to dispose of assets, including the housebuilding arm Kier Living, with the potential to sell Kier Property, as it focuses on regional building, infrastructure, utilities and highways.
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