Cushman & Wakefield Investors has acquired New Chapter House, a core City of London asset, for £17 mln (EUR 20 mln), reflecting a yield of 5.7%. The 2,100-m2 property was purchased for the West Sussex Pension Fund.

The asset located directly opposite Liverpool Street Station was refurbished in 2008 and is let to seven occupiers with an average weighted lease term of seven years. Cushman & Wakefield advised the buyer while Drivers Jonas Deloitte represented the vendor.

'The Central London office and retail markets have strong fundamentals and we anticipate will provide above average returns in comparison to the wider property market,' said Peter Balfour, head of UK Investment Management at CWI.

Cushman & Wakefield Investors is the independent investment management arm of property adviser Cushman & Wakefield.