KUMAGAI Gumi (UK) Ltd has sold Thames Exchange - a complex of offices and a 466-space car park at 10 Queen Street Place, London - to Scottish Amicable Investment Managers for GBP67 million (about HK$763 million). Thames Exchange is on a prominent corner at the junction of Upper Thames Street and Queen Street Place. Kumagai Gumi developed Thames Exchange, which was completed in 1991. The property has about 188,000 sq ft of offices, a car showroom, a club, storage area and the car park. The offices are let to Midland Bank and the other tenants include Normand Ltd, National Car Park Ltd and Little Ship Club Ltd. Thames Exchange is held leasehold from the City Corp for a term of 121.5 years unexpired, with a ground rent of 9.9 per cent of the rack rental value of the office space. Gerald Powell, managing director of the Kumagai Gumi subsidiary Rangelagh Developments, said: ''Kumagai Gumi was pleased with the price of GBP67 million, a net yield of 7.23 per cent reflecting the quality, both of the building and the tenant.'' David Hunter, property director at Scottish Amicable, said: ''This is an excellent building and is one of the less over-rented buildings in the city. It ties in precisely with our property investment strategy.''