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LONDON-Isis Property has paid £5.66 million ($9 million) for Neopost House, at 46,658 sf the largest office building in the suburban office centre of Romford, Essex. It bought the property from Wood End on behalf of Royal & SunAlliance Life & Pensions, and the purchase price reflects a net initial yield of 7.6%.

The office building is let to office machinery manufacturers Neopost on lease with 17 years remaining at an annual rent of £455,000 ($725,000).

Isis Property asset manager Liam Hannan said: “As Romford’s largest office building, Neopost House provides an attractive yield and steady income stream in line with the fund’s requirements. Its purchase complements our spread of investment in the town following the purchase of a B&Q superstore site last year.”

Isis Property, was advised by Knight Frank and Hilbery Chaplin. Ereira Mendoza & Co acted for Wood End.

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