Staffordshire Pension Fund has acquired the short leasehold interest in 11 Old Jewry, in the City of London, in an off-market deal for £20.6m.
The 65,375 sq ft property is multi-let to two retailers and ten office tenants and has a current passing rent of just over £2.5m a year, reflecting a net initial yield of 11.5%.
The lease is held from The Grocers Company for 99 years and expires in June 2032 so has some 16 years remaining on the term. The ground rent is fixed at £8,000 a year.
Colliers Capital and Hanover Green acted for the buyers.