Wednesday, February 13, 2008

UK Govt Office Building in London Pre-Sold for $263 Million

PropertyWeek - February 11, 2008

Private clients of HSBC Private Bank have bought UBS’s 160 Tooley Street for around £135m. The price paid for the office development which is let to Southwark Council reflects an initial yield of around 5.25%.

Southwark Council will take occupation early next year and has signed a 25-year lease at £38.50/sq ft. UBS Global Asset Management put the building up for sale in November for around £140m. The rental income from Southwark Council at the 200,000 sq ft building is around £7.5m a year.

Tudor Toone advised UBS and Whitmarsh Holt Young advised HSBC private bank. Sphere: Related Content

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