A private Middle Eastern investor has completed the £20m off-market purchase of the circa 20,000 sq ft The Stables office building on Britannia Street, near King’s Cross train station.
The sale price reflects a net initial yield of 6%. The former stable building, which is arranged over four floors, was recently extensively refurbished to provide EPC B rated office space.
Mathew Millman, partner at Allsop, which represented the private investor on the purchase, said: “We are delighted to have completed the off-market purchase of The Stables. The transaction demonstrates the continued demand for high quality long let office buildings within close proximity to major transport hubs, with many investors seeking to capitalise on historically attractive yields.”
