Credit Suisse Sells Central London Estate

LONDON-Credit Suisse Property Investment Management has sold the Buckingham Estate in London WC2 to the Golfrate Group for £40 million ($62 million). The estate forms an island block of 16 properties situated to the south of the Strand alongside Charing Cross Station.

Current uses on the estate include offices, hotel, retail, residential and restaurants, and the 56 commercial tenancies produce an annual income of £2.6million ($4 million). The sale price reflected a net initial yield of 6.15%, which will increase on settlement of outstanding rent reviews.

Insignia Richard Ellis and Insignia Financial Services advised Credit Suisse Asset Management, which in turn was acting on behalf of The Buckingham Estate General Partner Limited Partnership. Robinson Somerston represented the purchaser.