Irish Life sells London block
Irish Life Assurance has sold a London office block for £27.5m or £3.5m less than what the assurer bought it for in 2007.
A private Russian investor has bought the 5,100sqm (55,000 sq ft) building, 23 Austin Friars, London EC2.
The deal is reported to reflect a yield of around 7pc and a major portion of the rent appears to be generated from the serviced office provider Avanta.
Located on the south side of Austin Friars, it is in the heart of London's famous financial district, The City, and within a few minutes walk from Bank, Moorgate and Liverpool Street tube stations.
The building features a retained period façade and green metal cladding.
It was refurbished by Exemplar and GE Capital in 2006 and boasts a very impressive central atrium.
Its facade dates back to 1888 when it was built to a design by Sir Aston Webb, whose other works included the main facade at Buckingham Palace.