NFU Mutual Insurance Society has bought the Stanza Building in Uxbridge, west London, for £43.1m.
The price paid to Rockspring Property Investment Managers, on behalf of the Rockspring Hanover Property Unit Trust, for the 80,745 sq ft office block, reflects a 5.72% yield.
Hanover acquired the scheme in November 2011 as a speculative development in partnership with Bell Hammer, and it was completed in November 2012.
The sale comes two months after oil and gas company Nexen signed a 12-year lease at £32 per sq ft for the entire property.
Mischa Davis, Rockspring Hanover fund manager, said: “We hope that the success of this project provides encouragement to investors to step up the risk curve away from defensive long income strategies.”
Jones Lang LaSalle acted for the buyer.
joanna.bourke@estatesgazette.com
