Picton has sold the Stanford Building in Covent Garden to an unnamed purchaser for £34.5m.
The building, which has a triple aspect frontage onto Long Acre, Floral Street and Rose Street, underwent a comprehensive redevelopment in 2020 to create 20,500 sq ft of best-in-class retail and office space.
The ground floor retail unit is let to Lush and the four upper floors are fully let to Blackwood Recruitment, Medallia and Picton.
Michael Morris, chief executive of Picton, said: “This disposal of our largest office asset is consistent with our strategy of reducing exposure to this sector and recycling capital from lower-yielding assets. Since acquiring the building in 2010, we’ve completed a comprehensive program to reposition the asset, add value and improve its sustainability credentials.”
Savills advised Picton and CBRE acted for the purchaser.
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