Aberdeen Asset Management has sold the Chorus building in Wimbledon to M&G Real Estate for a price in excess of £30m, reflecting a 4.5% yield.
The mixed-use property comprises 42,500 sq ft of office space and 12,500 sq ft of retail, as well as 86 residential apartments.
The office space is currently let to the NHS, which has seven years left on its lease and a break clause in 2019. The retail unit is let to Sainsbury’s.
Chorus is located in Wimbledon town centre, less than a mile away from the train station. It was developed by Durkan Estates and completed in 2009.
At the time, it was the only new-build development in Wimbledon, which for a number of years had a chronic undersupply of grade-A office space.
As reported by Property Week last month, Wimbledon’s local authority, the London Borough of Merton, has granted 53 conversions of offices to residential under permitted development rights since 2014.
Hanover Green advised Aberdeen on the deal, while Knight Frank advised M&G. All parties declined to comment.