The City of London Corporation has sold the freehold for the Youth Hostels Association youth hostel at 36 Carter Lane, London, EC4.
The buyer is a private client of Graham and Sibbald. The property comprises 51 bedrooms and approximately 230 bed spaces arranged over circa 24,000 square feet.
The price paid has not been disclosed but it was on the market with a guide of £12.68 million or a 6.25% yield.
Graham and Sibbald said the acquisition represents a "truly unique opportunity to acquire a freehold from the City of London Corporation next to St Paul's Cathedral".
"This is a deal that we have tracked for several years and successfully acquired the asset in direct competition with multiple rival bidders."
Knight Frank represented the City of London on the sale.