CBGA has bought Metro Point in Croydon from New Star Asset Management on behalf of private Israeli clients.

It bought the property for £12m reflecting a net initial yield of 7.25%.

Metro Point is a freehold office building constructed in 2002 and comprises 40,500 sq ft of office space. It is let to the Secretary of State for Transport at an annual rent of £920,000 on a lease which expires in March 2020.