A prominent block opposite Angel Underground station in north London has been sold to a European investor.
Number 1 Angel at 1 Islington High Street, N1, has been bought by a private European party for £10.6m – a 4% net initial yield.
The grade II-listed building provides some 11,283 sq ft of refurbished office space above a co operative bank retail unit.
It is multi let to five tenants and generates a current rent of £464,000 pa. The office rent averages £42 psf. There is a reversion on the retail rent which should take the running yield over 5.0% in September 2016.
Hanover Green acted on the sale.