F&C REIT Asset Management Limited, acting on behalf of Friends First Life Assurance Company Limited, has sold Dial House, Putney to Ocubis Ltd, Jon Hunt’s commercial investment vehicle.
Dial House is a 1980s building totalling 34,598 sq ft over 5 floors, fronting the Upper Richmond Road, close to Putney train station.
Following a refurbishment in 2009, the building is fully let at an average rent of £20 per sq ft.
The purchaser fought off strong interest from institutional under-bidders, and paid a price of £7.7 million, an 8.45% net initial yield.
Hanover Green represented the purchaser.