Aviation House in London’s Midtown was sold this week at a 5% yield, and a redeveloped block nearby was sold despite being largely vacant.
Strategic Real Estate Advisors sold Aviation House, 125-133 Kingsway, WC2, for £112m to a private Middle Eastern investor.
STRATReal bought the 164,000 sq ft Sheppard Robson-designed building from London & Regional for £95m in April 2004.
The Food Standards Agency occupies the whole of the 132,000 sq ft offices and Sainsbury’s has a store below. Michael Elliott advised STRATReal.
The purchaser was unrepresented. Nearby, Investream sold its redevelopment of 55 New Oxford Street, WC1, to Standard Life for £30m.
During negotiations, Australian pharmaceutical company Mayne Pharma agreed to take the top two floors at the eight-storey, 50,000 sq ft block.
Godfrey Vaughan, which advised Standard Life, will relaunch the remaining 35,000 sq ft of offices at £47.50 per sq ft.
Investream was unrepresented. Jones Lang LaSalle and DTZ were previously the letting agents.
References: EGi News 16/01/06
