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LONDON-Investec Property has sold Grosvenor House, a multi-let office building in Croydon, for £8.43 ($13.65) million. The deal sees the building that housed tenants including Legal & General, Direct Line and, on the ground floor, a Litten Tree branded pub, pass into the hands of an unnamed owner/occupier.

Previously, Grosvenor House was let on a mix of lease lengths producing a rental income of £763,102 ($1,236,371) a year and the new owner takes possession of a property that has undergone a three-year refurbishment programme. Benefit may also derive from discussions that were under way regarding a potential 21,000-sf development site, residential or office, at the rear of the building, although planning permission has not been applied for.

Will Scoular, director at Investec Property, said of Grosvenor House: “we have been able to optimise value through hands-on management and strong tenant demand in Croydon.”

Investec was advised by Matthews & Goodman and Stiles Harold Goodman.

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