Malaysian developer acquires Hammersmith site for €74m

Malaysia-listed property developer Eastern & Oriental Berhad (E&O) has acquired a freehold site in Hammersmith, west London for £57 mln (€74 mln).

The 0.5-hectare site at Hammersmith Bridge Road features two existing and connected office buildings , the 11-storey Thames Tower and 15-storey Landmark House, which were both constructed during the 1960s.

Landmark House will provide rental income pending re-development. 'This prime freehold parcel in the established commercial hub of Hammersmith represents a significant refurbishment or redevelopment opportunity for E&O in the future,' said E&O group managing director Dato' Terry Tham Ka Hon. 'Subject to the relevant authority approvals, there is the potential to create Grade A office space and residential accommodation in an area where demand for quality new build property is strong.'

To date, E&O Property (UK) has three property assets in prime London locations. These are Princes House acquired in 2012, ESCA House acquired in 2014, and the latest Hammersmith project which together has a combined gross development value of £269 mln.