Property is fully let office with strong reversionary opportunities.
Colliers International, acting on behalf of an overseas institutional client, has advised on the freehold acquisition of 130 Wood Street for £55 million. The deal reflects a net initial yield of 4.26%.
The Asia based client has purchased the City of London office from Lum Chang in a deal that represents a capital value of £950 per sq ft. The 57,976 sq ft building is set across a basement, ground and six upper floors. 130 Wood Street is fully let to four tenants including Buzzacott and Louis Capital Markets.
Located on Wood Street, the property is in the heart of the City between Bank and St Paul’s underground stations and opposite One New Change.
Dominic Amey, head of Colliers’ City investment team, commented: “Freehold properties overlooking Cheapside are incredibly rare, and it is fantastic to have secured this asset, off market, on behalf of our client. Furthermore, this particular property offers some very strong asset management opportunities, which will allow our client to generate higher returns from their investment.”
Savills represented Lum Chang.