Tristan Capital Partners, in partnership with Addington, the asset management and investment specialist, has sold the sixty year, long leasehold interest in Harmsworth House in Bouverie Street, London EC4 to a private family trust.
The headline sale price of over £28m reflects a net initial yield of around 6.25%
Harmsworth House was one of the properties purchased in the Tree Portfolio, acquired by Tristan Capital Partners and Addington Capital in August 2014.
The building comprises 60,076 sq ft of predominantly office accommodation and is 80% let to 14 tenants including Hitachi Consulting and Geo Networks with the annual gross passing rent of £2.16m, reflecting £36 per sq ft overall. It occupies a 0.34 acres island site bounded by Tudor Street, Temple Lane and Bouverie Street in the City.
Commenting Martin Roberts, principal of Addington said, ” Harmsworth House still offers active asset management potential in the short term together with a medium term redevelopment opportunity to provide a brand new building of over 100,000 sq ft. Such opportunities are hard to find in the City, particularly in today’s competitive market.”
Savills advised the joint venture of Tristan Capital Partners and Addington. The purchaser was advised by Capital Real Estate Partners.
