Land Securities has exchanged contracts for the sale of Greater London House, Hampstead Road, London NW1 to Lazari Investments for approximately £165 million (approx. €225 million).
The Art Deco 30,658-m² office building was developed in the 1920s as a cigarette factory and refurbished in 1999 to provide 'loft-style' office accommodation and a commercial gym. Current occupiers include Young & Rubicam, Tula Group, EMAP and TUI.
Commenting on the sale, Richard Linnell, Head of Investment Management for Land Securities' London Portfolio, said, "Land Securities is very pleased to have disposed of this property at a good price in a strong investment market. We bought the building three years ago and it has provided us with an excellent investment performance during the period of our ownership. The sale proceeds will be recycled into the Land Securities Group business as with previous recent disposals."
Christos Lazari of Lazari Investments commented, "Lazari Investments is delighted to acquire the freehold interest in Greater London House which is a landmark office building located in the heart of Camden in close proximity to London's West End. The property which is situated on a 2.6-acre island site and has unrivalled 55,000 ft² floorplates and impressive levels of natural light provides us with the exciting opportunity to actively manage the asset to achieve rental growth. The acquisition will take our property portfolio to £1.6 billion and will perfectly complement our other estates in Tottenham Court Road, Euston, Baker Street, Wigmore Street, Oxford Street and Camden."
Franc Warwick advised Land Securities.
Source: Land Securities