A prime office building in the centre of Winchester has been acquired in a £15.9m deal.
Property consultancy Gerald Eve, acting jointly with Lewis & Partners, has sold St Paul’s House to Aegon UK Property Fund, reflecting a yield of 4.74%.
They acted on behalf of the Harmsworth Pension Fund.
The recently refurbished 36,000 sq ft grade A office scheme is fully let to actuarial firm Lane Clark & Peacock on a 15-year lease.
Guy Freeman, partner in Gerald Eve’s Capital Markets team, said: “This was a rare opportunity for a buyer to secure a long-term reliable income stream providing an attractive return profile.
"St Paul’s House is a post-Covid office asset in a prime location, with sustainability and collaborative working at its heart - promoting a healthy work environment as well as supporting liquidity and providing long-term returns.
The sale highlights that ESG (environmental, social and governance) compliant stock can now achieve a premium, with pricing having been driven by extreme competition for the asset.”
Savills advised Aegon UK Property Fund.
