Salmon Harvester Properties has completed its first ever purchase in the City, buying 2 Copthall Avenue for £11.3m.

The long lease of the vacant property, which has planning consent for the redevelopment of a 30,000 sq ft office, was bought from a private vendor. The long-lease expires in 2128.

The redevelopment is scheduled to complete in autumn 2008. It is expected to have an end value of £27m.

Salmon Harvester Properties is a joint venture between Salmon Developments and National Farmers Union Mutual.

SHP was advised by Spring 4 and the private vendor was advised by Robert Badenoch Partnership.