Bechtel House, Hammersmith Road, W6, has gone under offer to private equity real estate investor MGPA for £53m.
The agreed price to CBRE Investors for the 170,058 sq ft nine-storey building reflects a net initial yield of 8.5%.
MGPA is believed to have beaten four other bidders for the property, including Prudential Real Estate Investors, Hermes and Legal & General.
CBREI bought the building from RREEF in 2007 for £75m – a 5.5% yield.
The building is let to engineering firm Bechtel until September 2014. It generates rent of £4.4m annually, equating to just over £25 per sq ft.
The purchase comes some five months after MGPA paid £35m for Telereal Trillium’s Fore Street Telephone Exchange, EC2, which has consent for 225,000 sq ft of offices.
CBRE advised the vendor; Tudor Toone represented MGPA. All parties declined to comment.
joanna.bourke@estatesgazette.com
