Mike Hussey’s Almacantar has exchanged contracts to buy the Centre Point office building in central London.
The well-known 32-storey tower building is located next to Tottenham Court Road underground station and is 85% let to a variety of occupiers. The average lease length is 10 years and the purchase is believed to reflect a net initial yield of 6.5%.
With occupier demand holding up well and capital values strengthening in the central London office sector this looks a shrewd acquisition by Mr Hussey who is renowned for his asset management and redevelopment skills.
The area around Centre Point will also benefit significantly from the opening of Tottenham Court Road as a Crossrail station.