Stenprop, advised by Gerald Eve, has sold Euston House, NW1 to a joint venture between French-listed Eurazeo and London-based Arax Properties for £95 million. The price reflects a net initial yield of 4.64%.
Situated opposite Euston station, the 113,000 sq ft office building is home to occupiers including Siemens, Learning Tree International and i2 Offices. The building, formerly the headquarters of the British Rail Property Board Offices, was brought to market by Gerald Eve in September 2018.
Lloyd Davies, partner at Gerald Eve who oversaw the sale, said: “Stenprop has been making a strategic transition into a 100% multi-let industrial business, and this sale is the final piece of the jigsaw, with the company owning no more central London office space as a result. Euston is an area that has grown in popularity in recent years, a shift that generated considerable buyer demand for this asset.”
Watch the Euston House marketing video here: https://goo.gl/5gkDkY
Read the Property Week story on Euston House being brought to market here: https://t.co/HulMNACvfn