F&C Property Asset Management has purchased the freehold of 140-144 Leadenhall Street in London on behalf of Friends Provident Life Assurance. The grade 2 listed building was acquired from Navon Properties for £32 mln (EUR 47 mln), reflecting an equivalent yield of 4.9%.
F&C Property Asset Management has purchased the freehold of 140-144 Leadenhall Street in London on behalf of Friends Provident Life Assurance. The grade 2 listed building was acquired from Navon Properties for £32 mln (EUR 47 mln), reflecting an equivalent yield of 4.9%.
The property, located opposite the iconic Lloyds Building, was originally designed by Sir Edwin Lutyens for Midland Bank. It was refurbished by Hanover Securities in 2005 to provide 4,924 m2 of office and restaurant/bar use. The 3,065 m2 of office space is arranged over six floors and let to a variety of insurance tenants on 10-year leases. The former banking hall, including the original bank strong rooms has been converted to a restaurant/bar and let to Inventive Leisure (trading as Revolution) on a 25-year lease. Newton Perkins advised F&C Property Asset Management on the transaction.