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Mayfair Capital has agreed a £110 million deal to buy the Bonhill Building in Shoreditch from Legal & General.
L&G purchased the 114,543 sq ft building for £62.6 million in 2014, at a net yield of around 5%. Earlier this year, the firm appointed Colliers International to sell it for £110 million (reflecting a net initial yield of 5.23%), having carried out a full refurbishment in 2017.
The seven-storey space is fully let to seven tenants — which include Crabtree & Evelyn and technology platform Nexmo — with an unexpired lease term of around eight years. The current occupiers generate rental income of £6.15 million a year.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.