The British Land Company PLC has sold 10 Fleet Place, London EC4, part of its Ludgate Estate, to CIT for a gross price of £109.12 million. The building comprises 180,000 ft² in 10 storeys and is held on a 999 year headlease at a peppercorn rent from Network Rail. Tenants include Scottish Widows, Kroll, Dow Jones, BTG and MCI Worldcom. Average length of unexpired term is 4 years and the current income £6,674,000 per annum.
Also at Fleet Place, British Land currently retains its holding in One Fleet Place let to Denton Wilde Sapte and has started work on its 128,000 ft² Ludgate West development. As part of the development Ludgate Square will be improved by substantial landscaping works.
DTZ represented British Land and Strutt & Parker represented CIT.
Source: British Land