Ashurst advised TH Real Estate, on behalf of the Cityhold Office Partnership (CHOP) on the sale of One Kingdom Street, London, W2 for £292 m, representing a net initial yield of 4.86% and a capital value of £1,100 per sq ft. The prime office was acquired by Chinese Investor C C Land Holdings in an off-market transaction.
The landmark office building comprises c.264,898 sq ft (24,610 sq m) of Grade A office space set over nine floors.  Located in Paddington Central, the building has excellent access to transport links providing good connectivity to London, Heathrow and the South West.

Peter Neal, Senior Portfolio Manager, TH Real Estate, comments: “We are delighted to have sold One Kingdom Street. This sale marks the end of the London disposal programme having sold the Peak in Victoria in December last year for £145m. Efforts will now be focussed on actively managing the residual £700m London portfolio and selectively redeploying the capital into other London sub-markets.”

David Jones, partner and Head of Real Estate Capital Markets, commented: "We are delighted to have worked with TH Real Estate on the sale of One Kingdom Street and to continue our ongoing relationship with TH Real Estate across Europe."

The Ashurst team was led by partner and Head of Real Estate Capital Markets, David Jones and included Sarah Sivyour, Tania Barnes, Alex Levart and Chris Benbow and Yoon Hur (Real Estate), Matthew Bool and Matt Pearson (Construction), Simon Swann and Tim Gummer (Tax), Sarah Watkinson, Sarah Winter, Mitch Ingham and Joshua Kaye (Real Estate Finance).  

Addleshaw Goddard, led by partner Lee Sheldon acted for C C Land Holdings.