LONDON-Rugby Estates, the central London property specialist, has spent £8 million ($12 million) on Westbourne House, a multi-let mixed-use property at 14-16 Westbourne Grove, London W2. The vendor was a private client of Citigroup Private Bank and the purchase price reflects a net initial yield of 6.84%.

Westbourne House provides 27,000 sf of office space and a 2,700-sf banking hall on ground and six upper floors. The property produces a current income of £584,000 ($905,000) per annum, averaging £19.90 ($31) per sf on the office space. Tenants include Barclays Bank, Bates Dorland and local and central government agencies.

Rugby property director Alex Wildman said: “The purchase of Westbourne House continues our strategy of acquiring mixed use buildings in vibrant and improving inner London locations.” Strutt & Parker acted for Rugby. The vendor was represented by CB Hillier Parker.

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