La Française Real Estate Managers has acquired a prime office building in Belgravia from Grosvenor’s UK property business in a £55m (€63.4m) transaction.
The building is located at 10 Ebury Bridge Road and leased to Italian energy provider Eni on a 15-year term that expires in 2038.
Designed by London architects Rolfe Judd, the office building was constructed in 1992 and provides 62,587sqft of flexible office and ancillary accommodation arranged over lower ground, ground and six upper floors. Located on a virtual island site, the property is one of the few self-contained headquarters office buildings (with shower facilities, a staff canteen, an electric vehicle charging station, gated bicycle spaces) in the Victoria submarket.
Refurbishment works, due to be completed imminently, have been undertaken by the tenant to enhance the sustainability credentials of the building to EPC C, to be compliant with the 2025 deadline, and to elevate the quality of the workspace to meet current occupier demands.
Peter Balfour, head of real estate UK for La Française Real Estate Managers, said: “As one of the few self-contained headquarters office buildings in Belgravia, the rarity factor, as well as the strong covenant, long unexpired lease term and potential for conversion to other commercial uses, should sustain the long-term value of the investment. Furthermore, as our first acquisition in the West End of London, the asset is complementary to our existing London portfolio.”
La Française Real Estate Managers was advised by RX London, Ashurst on legal, tax and financial aspects and CS2 on technical and environmental due diligence. The vendor, Grosvenor, was advised by JLL.
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