The UK arm of GE Real Estate has made its first foray into the City of London’s insurance district, with the £15.75 mln (EUR 23 mln) acquisition of 10 Lloyd’s Avenue from Liverpool Victoria Friendly Society. Walbrook Land Ltd will act as asset manager. The eight-storey, 24,000 square-foot building is fully leased by six tenants, including law firm Kennedys.
The UK arm of GE Real Estate has made its first foray into the City of London’s insurance district, with the £15.75 mln (EUR 23 mln) acquisition of 10 Lloyd’s Avenue from Liverpool Victoria Friendly Society. Walbrook Land Ltd will act as asset manager. The eight-storey, 24,000 square-foot building is fully leased by six tenants, including law firm Kennedys.
The property is currently renting for £30 per square foot, compared to top London rents of close to £ 70 per square foot. Ilaria del Beato, managing director of new business at GE Real Estate UK, said the company will refurbish space as it comes vacant and rent out at higher rates.
