A vehicle advised by Northern European asset manager Cording Real Estate has acquired an office building at 111 Strand in central London for £46 mln (€53 mln), reflecting a net initial yield of 4.25%.
The property, which was acquired from DTZ Investors, occupies a corner position on the Strand. Developed in 2002 to a design by Squire & Partners, it comprises 30,549 sq ft (2,840 m2) of office space and three retail units totalling 7,232 sq ft.
The majority of the office space is let to CVC Capital Partners, a private equity firm that has been in occupation since 2002. The retail units are let to Specsavers, Albion Computers and The Color Company.
Mark Millar, head of UK and Investment at Cording, said: 'This acquisition represents an opportunity to reposition the property through a full refurbishment on expiry of the existing office lease to align the current passing rent to current market levels.'
Cording was advised by Crossland Otter Hunt and the vendor was advised by Allsop.