UK property company Hammerson has acquired the freehold interest in an eight-storey office building adjacent to Victoria Station in London for £71.4 mln (EUR 104 mln) from a private client of DTZ Debenham Tie Leung. Completed in 1985, Stockley House is a 6,700 m[sup]2[/sup] eight-storey office that is fully leased to three tenants, the Secretary of State for Communities and Local Government, BAA and Balfour Beatty on leases expiring in 2010 and 2011. The current annual net rental income is £3.1 mln, and provides a net initial yield of 4.3%.
UK property company Hammerson has acquired the freehold interest in an eight-storey office building adjacent to Victoria Station in London for £71.4 mln (EUR 104 mln) from a private client of DTZ Debenham Tie Leung. Completed in 1985, Stockley House is a 6,700 m2 eight-storey office that is fully leased to three tenants, the Secretary of State for Communities and Local Government, BAA and Balfour Beatty on leases expiring in 2010 and 2011. The current annual net rental income is £3.1 mln, and provides a net initial yield of 4.3%.
Hammerson said the property is adjacent to Victoria Station where the company has existing ownerships and is in discussions with Network Rail for the regeneration of the station to include a major mixed-use development. Hammerson was represented by CB Richard Ellis and the vendor by DTZ Debenham Tie Lung.
