LaSalle Investment Management has sold the freehold of India House, SE1, to UBS Core Opportunities Fund for £28.4m – a net initial yield of 5%.
Constructed in 1933 as a spice warehouse, India House now comprises 37,988 sq ft of offices over the ground and five upper floors. The building is fully let to six tenants at an average rent of £39.70 per sq ft.
LaSalle has undertaken a series of asset management initiatives over the past two years including refurbishing the building and improving technology infrastructure.
There is further potential to add an additional floor of around 4,600 sq ft to the building subject to planning and tenant consent.
John Miles & Company acted for LaSalle; UBS was represented by CBRE.
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