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CLS Holdings buying west London office asset for £51M

CLS Holdings Plc exchanged unconditional contracts to buy an office property in Uxbridge, west London, for £51 million.

The 129,060-square-foot, nine-story Harman House asset, located at 1 George St., is 98% occupied and delivers an annual rental income of roughly £3.5 million.

The deal reflects a net initial yield of 6.9%.

The property, which was refurbished in 2014, is leased to 10 tenants with a weighted average unexpired lease term of 7.9 years.

CLS will finance the acquisition with existing cash resources.

According to Property Week, the property was sold by PGIM Real Estate.