AXA Real Estate Investment Managers announced that it has completed, on behalf of clients, the acquisition of 18-20 St Andrews Street, London from a fund managed by CBRE GI for a total consideration of £32 mln (€44.7 mln), which AXA Real Estate will imminently refurbish as part of its value add and development strategies, with Morgan Capital Partners acting as development manager.
The Midtown asset is currently 100% vacant and stripped out and AXA Real Estate will now undertake a comprehensive refurbishment including the addition of a ninth floor on top of the building, to increase the total floor area of around 54,000 ft² (5016,8 m²) to capitalize on the demand for modern office space in this popular midtown location.
AXA Real Estate identified this investment proposition at an opportune time in London's market cycle as a diverse range of central London businesses are migrating to the Midtown area in search of high quality office accommodation and drawn by the area's diverse occupier base and its proximity to Crossrail in 2018.
Colliers International advised AXA Real Estate and Morgan Capital Partners. Cushman & Wakefield advised CBRE GI.
Martin Perrott, Senior Transactions Manager at AXA Real Estate, commented: "St Andrews House presents an attractive opportunity within a prime location in London's Midtown to redevelop a core asset, adding value through both a thorough refurbishment and an extension of the building's current floor plan.”
Source: AXA Real Estate