A private Hong Kong investor, represented by international real estate advisor Savills, has purchased 48 Gracechurch Street in London EC3 from Henderson Global Investors for £12 million, reflecting a net initial yield of 8.4%.

The multi-let office and retail investment is located on a highly prominent corner position in the City's core and totals 21,408 sq ft (1,988 sq m). The property generates an annual rental income of £1,065,410 and is currently multi-let to tenants including Adecco UK, Oesterreichische Nationalbank, Woori Investments & Securities International, Starbucks Coffee Co and Chelsea Building Society.

James Crawford, Investment Director at Savills, comments: "This acquisition is part of our client's strategy to increase its UK portfolio and reflects the appetite of overseas investors for prime assets."

Henderson was represented by Knight Frank.