Capital & Counties Properties PLC (Capco) has sold Empress State Building in London’s Earls Court for £250 million ($354 million).
The buyer was The Mayor’s Office for Policing and Crime, the long-term occupier of the building under a lease due to expire in June 2019.
Empress State Building totals 451,000 square feet, spanning up 31 stories.
London investment volumes in 2017 totaled approximately £15.6 billion ($22.1 billion), which was on par with 2016, according to Colliers International. Numbers were held down by shortage of supply in West End markets, down by £2 billion ($2.8 billion) over the course of the year. In contrast, City volumes surged, as increasingly healthy levels of product were offered for sale. Canary Wharf and Southbank saw yields harden during the course of the year, as investor appetite and competition increased.
