Norwich Union Life and Pensions Limited c/o Aviva Investors, advised by Strutt & Parker, has sold the freehold of 25 Maddox Street, London, W1, to a private overseas investor for £33.5 million, reflecting a net initial yield of 7%.

The property comprises 31,000 sq ft (2,879.9 sq m) of Grade A office, retail and restaurant accommodation. The building is fully let to 7 tenants, including Conde Nast Publications Limited, with an average weighted unexpired term certain in excess of 9 years. The building produces a rental income of approximately £2.5 million per annum, which equates to £79.98 per sq ft overall.

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