CBRE Global Investors, on behalf of a separate account client, has completed the acquisition of 1-5 Howick Place, London SW1. The vendors were Doughty Hanson & Co and Urban & Civic. The asset manager on behalf of Doughty Hanson & Co was Invesco Real Estate.
1-5 Howick Place is a freehold property located next to Westminster Cathedral and close to Buckingham Palace in the Victoria submarket of London’s West End. The scheme was completed in 2012 and offers 172,561 ft² of accommodation, predominantly grade A offices (81%) with 33 (23 luxury and 10 affordable) residential units on top and a 1,124 ft² self-contained retail unit on ground floor.
The private residential units are let by way of a assured short hold tenancy (1 year term certain). The affordable accommodation is let to Octavia Housing expiring in 2137. The retail unit is let to Iris & June.
Harald Floeer, Director of Portfolio Management, CBRE Global Investors commented: “We have acquired, for our client, a core property investment which will provide secure long term rental income.”
“The Victoria submarket has experienced significant regeneration over the last five years and we see this as a positive factor as the local vicinity continues to undergo improvements. We foresee that rental growth and occupier demand will continue to rise as the attractiveness of the location increases.”
Source: CBRE Global Investors