Land Securities announces that it has purchased three London offices, 15 Bonhill Street, London EC2, Holborn Gate, 26 Southampton Buildings, London WC1 and 140 Aldersgate Street, London EC1 for a total of £157m. Of the three buildings, two are income producing and one, 140 Aldersgate Street, is a 9,012 m² (97,000 ft²) vacant new development.
The building at 15 Bonhill Street is a 10,620 m² (115,000 ft²) fully refurbished 1960s building let to Amex, RIBA, YKK and Transport for London producing £2.5m rental income per annum representing a 7.14% initial yield. Holborn Gate is a 14,859 m² (160,000 ft²) property which was fully refurbished in 1999. Its occupiers include NatWest, Hogg Robinson, Xansa, Pinemont Securities and Financial Dynamics. Rental income is just over £5.3m per annum representing an initial yield of 6.2%.
Commenting on the acquisitions Mike Hussey, Managing Director London Portfolio, said "Bonhill Street and Holborn Gate represent income producing assets with good prospects for rental and capital growth through active management. 140 Aldersgate Street was identified initially for Landflex and we are also receiving interest for this newly completed development from occupiers seeking conventional lease terms."
Agents for the transactions were:
- Bonhill Street; Land Securities: King Sturge, vendor: Atis Holborn
- Gate; Land Securities: Fineman Ross/Sparkes Porter, vendor: King Sturge
- Aldersgate Street; Land Securities: Allsops, vendor: BH2.
Source: Land Securities