Law firm Hill Dickinson acted for Royal Liver Assurance on the sale of the freehold interest in 15 King Street, London, EC2 to a private investor for £14.5m, reflecting a net yield of approximately 6.20%.
The 20,000 sq ft office in the core of the City of London was built in 2000, behind a retained facade, and is let to the State Bank of India for more than 11 ½ years at a passing rent of £950,000 a year, which represents £47.73/sq ft overall.
Hill Dickinson LLP is the long-standing solicitor for Royal Liver Assurance. Elwyn Edwards, property partner at Hill Dickinson, commented: "We anticipated that interest in this property would be considerable, and great care was taken to make the property ready for market.
"More than 22 viewings were secured within days of the property being released to the market, from which a competitive bidding process then ensued. We were, however, well prepared to deal with this unprecedented level of interest, which certainly assisted in facilitating a quick, hassle-free sale for our client."
Jamie Olley, partner at King Sturge, who also acted for Royal Liver, added: "This transaction represents an excellent outcome for our client who wished to raise capital through the disposal of this City asset. It also demonstrates that there is good demand for prime City investments let to good covenants with long terms to run."