Threadneedle has bought the leashold interest in grade-II listed 105 Piccadilly, W1.
The investor has agreed a £7.4m price – a 14.5% yield – for the headlease purchase of the 34,031 sq ft office building from Rockspring Property Investment Managers.
Rockspring appointed Kingly Partners to sell the property in October 2012. It was originally seeking offers of £9m..
The headlease expires in June 2023, at which point the freeholder Sir Richard Sutton Settled Estates is unlikely to renew or re-gear the lease.
It produces £1.1m pa, equating to £43.56 per sq ft. Tenants include Abaco Asset Management.
Montagu Evans represented Threadneedle.
joanna.bourke@estatesgazette.com
