F&C Commercial Property Trust has annnounced that, on 22 December 2016,it completed the sale of its Freehold interest in 25 Great Pulteney Street, London W1 for £54.4m, which reflects a net initial yield of 3.95 per cent. 25 Great Pulteney Street is a seven-storey building, which the trust says provides high quality, contemporary, Grade A office accommodation and is fully let to four tenants. The sale price is 6.25% above the valuation in the trust’s NAV as at 30 September 2016 of £51.2m.
25 Great Pulteney Street is a property that F&C Commercial Property Trust fully redeveloped. The redevelopment was completed in 2011 and the Trust says that the building was subsequently leased, at high rents, reflecting the quality of the building. The most recent re- letting achieved a rent of £96.50psf. The Trust says that the disposal crystallises substantial value for it and reduces its exposure to Central London thereby allowing capital to be deployed into other opportunities.
F&C Commercial Property sells 25 Great Pulteney Street, London W1, for £54.4m : FCPT