Investment and outsourcing company Mapeley has bought the 241,860 sq ft Leon House in Croydon from HSBC Specialist Investments’ UK Active Property Fund for £53.2m.
The deal represents a yield of 6.9%.
The multi-let building consists of a 2-storey podium and a 20-storey office tower, providing a total rent of £3.69m per annum, with individual terms ranging from £12.60 per sq ft to £17.50 sq ft.
Tenants include the NHS, Croydon Council, AON and the Secretary of State.
Mapeley’s chief executive officer, Jamie Hopkins, said: “This acquisition fits our direct property investment portfolio very well.
“Leon House offers plenty of opportunities for active, engaged management, providing flexible office accommodation in a location well suited to the demands of occupiers decentralising from London.”
References: EGi News 15/03/06
