A vehicle advised by Cording Real Estate Group has acquired the long leasehold of the landmark office building at 111 Strand in central London for €52.8m (£46m), reflecting a net initial yield of 4.25%.
The property, which was acquired from DTZ Investors, occupies a prominent corner position on the Strand with a return frontage to Savoy Place. Developed in 2002 to a design by Squire & Partners, it comprises 30,549ft² of office space and three retail units totalling 7,232ft². The majority of the office space is let to CVC Capital Partners, that occupied the place 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”.