Private investor fund MC Property Growth Fund has sold Aspen House on Dover Street to Browns Hotels for £7.5m.
The 5,593 sq ft office building is let to 11 tenants, with rents ranging from £42/sq ft to £93/sq ft. The deal reflects an initial yield of 3.2% based on new lettings in hand in the building.
Browns Hotels is jointly owned by Rocco Forte and HBOS, and Browns Hotel adjoins the property. It is thought that over time the hotel will incorporate the offices as part of the hotel.
MC Property Growth Fund is managed by private investor fund specialist Mayfair Capital Partners.
Mayfair fund director James Thornton said: ‘The short unexpired life of the Fund and the strong cyclical uplift in capital values in the West End, it made sense for us to sell the property and crystallise profit for our investors.’
Lewis Ellis acted for Mayfair Capital. Knight Frank acted for Browns Hotels.