Government-let West End block 3-8 Whitehall Place, SW1, has been sold for £65.5m – a 4.29% net initial yield.
The 95,000 sq ft property has been bought by SWIP Property Trust, managed by Aberdeen Asset Management.
It is let to the Department of Energy & Climate Change until 2029, with a break in 2021. Rental income is £3.6m pa, with a review in December 2026.
James McLean, fund manager at Aberdeen Asset Management, said: “The grade-A office building was substantially refurbished in 2004 and has excellent growth prospects off an overall passing rent of £38 per sq ft.”
Colliers International acted for the buyer; CBRE represented the vendor Merchant Place.
joanna.bourke@estatesgazette.com
