Land Securities buys in EC3 for Landflex (UK)

Land Securities has announced that it is adding to its Landflex portfolio with the purchase of 47 Mark Lane, EC3 for approximately €75 million (£55 million) from The Hemingway Investment Partnership and Hemingway Capital Limited.

The property is a new refurbishment which is due for completion in September this year. It offers 84,000 ft² of office accommodation, of which 61,000 ft² is currently available and will be offered with Landflex leases and 19,000 ft² of ground floor retail which is fully let to multiple independent retailers.

Welcoming the acquisition, Mike Hussey, Managing Director of Land Securities' London Portfolio, commented: "140 Aldersgate Street has demonstrated the strength of demand for the Landflex product in the City, and 47 Mark Lane therefore presents us with a further opportunity to offer flexible leases on high quality space in this market."

Landflex is an integrated accommodation package introduced by Land Securities in 2003, which enables occupiers to tailor their business accommodation requirements to their changing business needs. The Landflex portfolio now comprises circa 740,000 ft² including 140 Aldersgate Street EC1, Empress State SW6, 7 Soho Square W1 and 40 Eastbourne Terrace W2, which was recently fully let to CB&I John Brown following its recent refurbishment.

King Sturge represented Land Securities and Strutt & Parker acted for The Hemingway Investment Partnership and Hemingway Capital Limited.

Land Securites has appointed Knight Frank as the office leasing agents.

Source: Land Securities

Related News