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Soho office which gave the world Playstation VR sold for £30.5m

UK Commercial Property Trust Ltd (UKCPT) has announced the disposal of an office development in Soho that is let to the research and development arm of Sony.

The building at 13 Great Marlborough Street has been sold in an off-market deal worth £30.5m, which the Guernsey-based investment company said represents a 3.3% net initial yield.

Currently let to Sony Interactive Entertainment until September 2018, the property comprises around 23,000 sq ft of office space, and houses the Sony team responsible for such innovations as the Playstation VR headset.

UK-based real estate asset management company, Alduwaliya, have acquired the building after also snapping up the adjacent building at 10-12 Great Marlborough Street in 2016, which is also single let to Sony.

UKCPT were advised by Standard Life Investments in the disposal of the building which they originally purchased back in 2006.

Will Fulton, Fund Manager at Standard Life Investments, commented: “Having been approached by the owner of the adjacent building we felt that, despite this asset’s good location, now was an appropriate time to crystallise a strong return.

“This sale also removes short term letting risk from the portfolio and the potential for significant capital expenditure. We aim to re-invest in line with our ongoing strategy to generate a higher income which we believe beneficial in the current political and economic market environment. On that front we are actively looking at a number of investment opportunities.”

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