Land Securities has exchanged contracts for the freehold sales of two City of London properties totalling 87.7 million. The two properties are Tower House at 38 40 Trinity Square, and 10 Fenchurch Street, both located in EC3.
Tower House, 38 40 Trinity Square, is being acquired by Greycoat Central London Office Development Fund for 29.4 million. The1960s-built property, which is situated directly above Tower Hill underground station, is currently vacant and provides 45,000 sq ft of office space with planning consent for a redevelopment of about 90,000 sq ft.
10 Fenchurch Street is being acquired by Standard Life Investment Funds Limited for 57.6 million. Developed by Land Securities in 1985, the Denys Lasdun-designed building provides 54,000 sq ft of office accommodation and 4,000 sq ft of retail space. The office element of the building has been vacant since April this year, when former occupier Dresdner Kleinwort Wasserstein relocated to Land Securities' development at 30 Gresham Street, EC2. The retail element is currently let to Monsoon.
Richard Linnell, Head of Investment Management London Portfolio at Land Securities, commented:
"These disposals continue our strategy of concentrating on larger scale development opportunities in central London. These properties allow for smaller scale projects than those on which we focus, and in selling them we have been able to realise substantial premiums which we will recycle in line with our current investment programme."
Land Securities' agents were Knight Frank on Tower House and Savills on 10 Fenchurch Street. DTZ acted for Standard Life.
Source: Land Securities