Jersey investor snaps up Paddington offices

Henderson Global Investors sells Telstar House for £96.8m

Article posted: 16 Jan 2011

Office space in Paddington has been acquired by a Jersey-based investor for £96.8m, a net initial yield of 5.1%. The property on Eastbourne Terrace was sold by Henderson Global Investors.

Telstar House was developed by Derwent London in 2007 and is fully let to Rio Tinto European Holdings. It comprises 107,000 sq ft of office space.

A previous building on the site was destroyed by fire in 2003.

Commenting on the sale to Property Week Magazine Andrew Creighton, director at Henderson Global Investors, said: “The proceeds from the sale will be reinvested within the UK market, where we remain confident on the outlook for the year ahead.”

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Posted by Sara