Monday, July 03, 2023
PruPIM sells Grosvenor Place and Headfont Place leases for £15.72m
PruPIM on behalf of its Prudential Life Fund has sold the long leasehold interest in 10-11 Grosvenor Place and 28-36 Headfort Place, London, SW1 to the Central London Office Fund, managed by Henderson Global Investors, for £15.72m reflecting an equivalent yield of 4.5%.
The period office building comprises approximately 29,000 sq ft arranged over lower ground, ground and six upper floors. The property is held on a lease expiring in 145 years by Grosvenor Estate at a rent of £21,000 pa. It is multi-let to tenants including Peter Hambro Mining, Braemar Seascope and Trafalgar Management at an average rent of £30.68 per sq ft (£330 per sq m). The 5th and 6th floors are currently vacant and require refurbishment.
Russell Bradman, director of investment at PruPIM, comments: "The sale follows a review of strategy in relation to our fund?s central London office exposure, this property has performed well for our policyholders and we are very pleased with the price achieved."
Savills advised PruPIM and Cushman Wakefield advised the purchaser.
The period office building comprises approximately 29,000 sq ft arranged over lower ground, ground and six upper floors. The property is held on a lease expiring in 145 years by Grosvenor Estate at a rent of £21,000 pa. It is multi-let to tenants including Peter Hambro Mining, Braemar Seascope and Trafalgar Management at an average rent of £30.68 per sq ft (£330 per sq m). The 5th and 6th floors are currently vacant and require refurbishment.
Russell Bradman, director of investment at PruPIM, comments: "The sale follows a review of strategy in relation to our fund?s central London office exposure, this property has performed well for our policyholders and we are very pleased with the price achieved."
Savills advised PruPIM and Cushman Wakefield advised the purchaser.
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