LGP buys London office scheme for €24m

Legal & General Property (LGP) has purchased 26 Throgmorton Street, London EC2 for around £17 mln (€24 mln) from the Church Commissioners.

'In 26 Throgmorton Street we have acquired a prime building in the heart of the City, benefiting from close proximity to Bank station and the new Liverpool Street Crossrail station,' said Tim Russell, Fund manager at Legal & General Property. 'Given that there is a shortage of office suites of the size offered here and the majority of supply side responses coming forward are focussed on larger floorplates, we have already identified asset management opportunities to ensure the building realises its full rental potential.'

Situated behind a Grade II listed stone façade, the 22,336 sq ft (2,075 m2) building comprises offices over ground to fifth floors and a public house let to Greene King.

GS Capital Advisors represented Legal & General Property and Gryphon Property Partners advised the vendor.