Kier Property and Investec have sold Kings House in Hammersmith, London, to Catalyst Capital on behalf of a family office for £50 mln (€56 mln), reflecting a net initial yield of around 6%.
Kier, in partnership with Investec, purchased Kings House from Haymarket Media Group in 2013 and commenced the new build of the 58,100 sq ft, seven-storey building in 2014 following the demolition of the former premises.
The building is leased to leading organisations including Work.Life, 4C Associates, Zaizi HyperOptic and SailGP.
Phil Sutton, senior development director at Kier Property, commented: 'We have been delighted by the performance of this well-positioned development and continue to look for new opportunities to expand on our existing and identified pipeline of £1.5 bn gross development value.'
Guy Wilson, partner at Catalyst Capital, added: 'This high-quality, grade A property has been acquired to provide a long-term income return. We are seeking similar multi-let office buildings in central London and in other European gateway cities.'
Kier Property and Investec were advised by Colliers International on the investment sale and
Frost Meadowcroft, Colliers and JLL on the letting. Catalyst was advised by Lambert Smith Hampton.
