CBRE Investment Management’s UK Property PAIF fund has exchanged contracts to buy 2 Cavendish Square in London’s West End from The Howard de Walden Estate. Financial details were not disclosed.
The property comprises a total of 27,105 sq ft (2,510 m2) of Grade A office space across eight floors, let to a range of occupiers. A significant portion of the building was recently refurbished, including common amenity space and the property offers a variety of floorplates, including three outdoor terraces.
Jamie Phillips, fund manager of the UK Property PAIF, CBRE Investment Management, said: ‘This was a compelling opportunity to acquire a high-quality freehold office building in such a strong location. The building provides an attractive income stream but also potential to create further value through a targeted asset management programme focused on ESG.’
He added: ‘Cavendish Square is one of the most prominent and best-known garden squares in London and those strong fundamentals will only improve following the proposed redevelopment of the square, with consent in place to deliver 280,000 sq ft of new health and wellbeing amenities.’
CBRE Investment Management was advised by CBRE. Michael Elliott acted for The Howard de Walden Estate.
