West End of London Property Unit Trust (Welput) is acquiring an office property at Regents Wharf in the Kings Cross district in London for just under £50 mln (€63 mln).
West End of London Property Unit Trust (Welput) is acquiring an office property at Regents Wharf in the Kings Cross district in London for just under £50 mln (€63 mln).
The vendor of 10-18 Regents Wharf at Kings Cross, N1 is TIAA Henderson Real Estate (TH Real Estate). Welput is managed by Schroder Property and advised by Grafton Advisors.
Providing 67,703 sq ft (6,244 m2) of office space and 37 car parking spaces in total, the assets comprise three separate self-contained office buildings, offering a mix of converted Victorian warehouses and modern purpose-built accommodation. It has been home to brand consultancy Wolff Olins since 1991, and other tenants include town planning consultancy Nathaniel Lichfield and book publisher Phaidon Press.
The buildings are currently fully let on low passing rents averaging £26.50 per square foot, which Welput said will provide 'significant asset management opportunities in the short to medium term'. The purchase price reflects a capital value of £730 per square foot.
This is Welput’s first acquisition outside of the West End market and into its new investible area, which covers the whole of Central London, as approved by unit holders in July of this year.
The Kings Cross area has benefitted from over £2.5 billion of investment in infrastructure over the past decade and is attracting a diverse and increasingly international occupier base, with Google, the Financial Times and Facebook having already chosen to relocate to the area.