Hermes Investment Management has sold Bramah House, Bermondsey, SE1, to Canada Life for £14.2m – a 4.48% yield.
The 15,714 sq ft building was originally purchased by Hermes Investment Management for £5.6m in December 2011. Current occupiers include Engine Creative Consultants, Eatbigfish, SSE Services, Firstplan and Next Fifteen Communications Group.
Chris Taylor, head of private markets at Hermes Investment Management, said: “The sale of Bramah House is an excellent result for the fund and follows four and a half years of asset management, which has seen the value of the property almost triple. As a consequence we felt it was now the right time to dispose of the asset and explore other similar opportunities.”
Michael White, property investment director at Canada Life, said: “South Bank East is a strong and emerging central London office submarket. Completion of the extensive works to London Bridge will open up Bermondsey to the south of the station and we believe will strengthen future growth potential.”
Tudor Toone acted for Hermes Investment Management; Buchanan Bond represented Canada Life.
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