Hong Kong investor CC Land has completed the acquisition of One Kingdom Street, W2, from TH Real Estate for £292m – a net initial yield of 4.86%.
The 264,898 sq ft office building was acquired from TH Real Estate on behalf of the Cityhold Office Partnership in an off-market transaction. The price paid represents a capital value of £1,100 per sq ft.
Completed in February 2008, One Kingdom Street was designed by Sheppard Robson architects and is let to tenants including Vodafone, Shire, Mysis and Statoil. The weighted average unexpired lease term is 6.5 years (to breaks) and the average office passing rent is £55 per sq ft.
