Cushman & Wakefield Investors has acquired New Chapter House, a core City of London asset, on behalf of West Sussex Pension Fund. The 2,100 sq m property was purchased for GBP17m, Cushman & Wakefield advised CWI and Drivers Jonas Deloitte represented the vendor according to Property Funds World.
The property is located directly opposite Liverpool Street Station at 166-170 Bishopsgate, London EC2. The asset was refurbished in 2008 and is let to seven occupiers with an average weighted unexpired lease term of 7 years; occupiers include Pritchard Englefield, Manpower UK Limited and Coral Estates Limited.
Peter Balfour, Head of UK Investment Management at CWI, said:
“The Central London office and retail markets have strong fundamentals and we anticipate will provide above average returns in comparison to the wider property market. This asset provides an attractive an attractive net initial yield of 5.7% rising when an outstanding rent review is settled.”