Standard Life Investments Property Income Trust announced on Wednesday that it has sold its long leasehold interest in Wellington House at 125 The Strand in London to the freeholder, the Duchy of Lancaster. The mixed-use office and retail property extends to approximately 4,000 m[sup]2[/sup] and is let to several tenants, including Shell UK, Vodafone and Tesco Stores.

Standard Life Investments Property Income Trust announced on Wednesday that it has sold its long leasehold interest in Wellington House at 125 The Strand in London to the freeholder, the Duchy of Lancaster. The mixed-use office and retail property extends to approximately 4,000 m2 and is let to several tenants, including Shell UK, Vodafone and Tesco Stores.

The property was sold for EUR 24 mln, reflecting an initial yield of 6.8% and an equivalent yield of 6.2%. The head leasehold interest from Duchy of Lancaster had 78 years unexpired with a rent of 18.23% of the rents received payable to the Duchy.

Farebrother acted for Standard Life Investments and Jones Lang LaSalle for the Duchy of Lancaster.