Workspace Group has bought Enterprise Estates on Londons Southbank, SE1, from Shaftesbury for £16m.
The deal reflects an initial yield of around 7%.
The 0.48-acre (0.19ha) site comprises three buildings – 59/65 Upper Ground, 1/2 Hatfields and 52/54 Stamford Street – offering 67,000 sq ft (6,222 sq m) of offices and storage space alongside a 3,000 sq ft (278 sq m) public house and covered car park.
Workspace said it was attracted to the site by the short let active management opportunities.
The buildings produce an annual rental income of around £1.3m.
Nelson Bakewell acted for Shaftesbury.
EGi News 12/09/02
