UBS’s Tooley Street bought by HSBC Private Bank

Private clients of HSBC Private Bank have bought UBS’s 160 Tooley Street for around £135m.

The price paid for the office development which is let to Southwark Council reflects an initial yield of around 5.25%.

Southwark Council will take occupation early next year and has signed a 25-year lease at £38.50/sq ft.

UBS Global Asset Management put the building up for sale in November for around £140m.

The rental income from Southwark Council at the 200,000 sq ft building is around £7.5m a year.

Tudor Toone advised UBS and Whitmarsh Holt Young advised HSBC private bank.