Prudential Property Investment Managers (PruPIM) on behalf of its Prudential Life Fund has sold the long leasehold interest in 10/11 Grosvenor Place and 28-36 Headfort Place, London SW1 for £15.72m.
The purchase, by the Central London Office Fund, managed by Henderson Global Investors, reflects an equivalent yield of 4.5%.
The period office building comprises approximately 29,000 sq ft arranged over lower ground, ground and six upper floors.
The property, held on a lease expiring in 145 years by Grosvenor Estate at a rent of £21,000 pa, is multi-let to tenants including Peter Hambro Mining, Braemar Seascope and Trafalgar Management at an average rent of £30.68 per sq ft.
The 5th and 6th floors are currently vacant and require refurbishment.
Savills advised PruPIM and Cushman Wakefield advised the purchaser.
References: EGi News 27/06/06
