National Provident Life have sold the 250 year lease in 14-18 Noel Street, Soho, W1 for £10.3 million to the Prudential Secured Income Fund.
Providing some 16,000 sq ft of office and hotel accommodation let to Morgan Sindall Group Plc and the YHA, the investment produces a current income of some £500,000 pa.
The purchase reflected a net initial yield of 4.6%. Ignis Asset Management and Hanover Green acted for NPL on the sale, having previously re geared the occupational and head leases.
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