GMG Real Estate has acquired the freehold interest in 1-7 Old Queen Street, SW1 via a privately managed vehicle for €26.5m (£24m). Located within metres of St James’s Park, the building was developed as a purpose-built office in 2006, comprising 21,500ft² (Net Internal Area) across the garden level, ground and six upper floors. It is currently let to the First Secretary of State, with vacant possession due in January 2021, following which GMG Real Estate will undertake a full refurbishment. The asset offers excellent repositioning opportunity with an attractive double aspect façade over-looking Westminster Abbey, private courtyard and potential to add a terrace.
The transaction further underpins GMG Real Estate’s conviction in the Victoria and St James’s sub-market, following the acquisition of 10 Greycoat Place last year, for €55m (£50m).
Newman Leech, CEO of GMG Real Estate said: “We are delighted to have secured this rare opportunity in the heart of St James’s, consolidating our long-term confidence in a sub-market reflecting one of the lowest vacancy rates and limited development pipelines in London.”
Chris Wright, Senior Asset Manager, commented: “We expect self-contained buildings in this location to attract strong demand, affording occupiers the opportunity to take total control of their working environment from point of entry. We have the opportunity to create a high-quality workplace relevant for the evolving occupier requirement.”