London’s West End office block Savoy Court, has been sold to the Universities Superannuation Scheme (USS) for £45.4 million (approx. €53 million), representing an initial yield of 6.25%.
The property comprises of 63,000 sq ft, including 58,000 sq ft of quality offices and 5,000 sq ft of ground floor retail space, and is located on the South side of Strand adjacent to the Savoy Hotel in one of London’s landmark areas. The building underwent a major internal refurbishment approximately 18 months ago. The entire building offers flexible, predominantly open plan layout with perimeter offices and meeting rooms.
The office space is currently let to Booz & Co. on a lease expiring in 2017. Alex Turner, Fund manager of offices at USS, commented: “Savoy Court is a strong addition to our commercial property portfolio offering good long-term asset management opportunities in a landmark location, next to London’s Savoy Hotel on the Strand.
“This acquisition brings our commercial office property investment in the last 12 months to over £150 million, reflecting our confidence in the continued resilience on the Central London offices market.”
News brought to you direct from DeVono Cresa, specialists in London office space.