Legal & General Property (LGP) has acquired the freehold interest in 76-88 Wardour Street from Scottish Widows Investment Partnership (SWIP) for £32.8 mln (EUR 37 mln). The deal was carried out on behalf of its Managed Fund.
Legal & General Property (LGP) has acquired the freehold interest in 76-88 Wardour Street from Scottish Widows Investment Partnership (SWIP) for £32.8 mln (EUR 37 mln). The deal was carried out on behalf of its Managed Fund.
The property comprises three retail units with five floors of vacant offices above, totalling 48,000 sq ft (4,500 m2). The ground and lower ground floors are let to Oxac, Qsoft Properties and Hummus Brothers on leases expiring 2027, 2022 and 2023, respectively.
LGP in conjunction with Walbrook Land propose to undertake a comprehensive refurbishment of the offices to deliver 33,000 sq ft of new Grade A space over the upper five floors in Q1 2013.
Mark Russell, fund manager at Legal & General Property, commented: 'This acquisition provides us with the opportunity to create a high-quality office product in this core Soho location. The market remains constrained in supply and we anticipate strong demand from a wide range of occupiers.'
DTZ acted for LGP and Strutt & Parker acted for SWIP.
