CLS Holdings has exchanged contracts to buy two London offices for £66.65m.
The offices – 6 Lloyds Avenue, in the City of London, and the Clockwork Building, in Hammersmith – have a blended annual passing rent of £4.2m and a net initial yield of 6.2%.
6 Lloyds Avenue comprises 34,640 sq ft of multi-let office space. It is currently 82% let to 27 tenants with a WAULT of 2.2 years. CLS said it plans to refurbish the space, re-let and increase rental growth.
The Clockwork Building comprises 39,626 sq ft of space which is 100% let to six tenants with a WAULT of 3.2 years.
CLS said it intends to finance the acquisitions through existing resources and bank financing. The deals are expected to complete within four weeks.
CLI : CLS Holdings buys two London offices