Oxfam’s HQ has been bought by Sutton Council for £29.9m in another move by a local council into buying up revenue generating property.
The purchase reflects a 5.28% net initial yield. Sutton Council bought the 87,000 sq ft Grade A building from Aviva Investors. It is let to Oxfam for another 8.5 years with a passing rent of £1.69m a year, at £19.75 per sq ft.
Sutton was represented by Cushman & Wakefield. Aviva was represented by Strutt & Parker.
From 5 November: Surrey Heath pays £86m for Camberley Mall purchase
From 18 November: Local authorities in risky property deals, MPs warn
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