Land Securities has acquired the 50% share it doesn't already own in Thomas More Square, E1 for £85.3 million (€106.7 mln) from an affiliate of its joint venture partner the Ontario Teachers' Pension Plan Board.
The Thomas More Square Estate totals approximately 4.2 acres (16.996 m²) and comprises six office buildings incorporating retail, leisure and parking facilities with four smaller retail blocks. It is located between St Katharine Docks and London Dock, and is well-positioned to benefit from an increased focus on retail and leisure at these locations.
Land Securities was granted planning permission in June 2014 for a comprehensive refurbishment of Building 3 at Thomas More Square and a redesign of the estate’s public realm. The plans, which will transform the 570,000 ft² (52.954 m²) estate into a vibrant destination for this part of London, include 200,000 ft² (18.580 m²) of fully refurbished office and retail space in Building 3 which will offer a new double height entrance and an extensive business lounge.
Ipsos MORI and Mitsui O.S.K. Lines (“MOL”) have already let 97,000 ft² (9.011 m²) of Building 3 on 15 year leases with 10 year breaks, and a further 100,000 ft² (9.290 m²) will be available from mid-2015.
Tom Elliott, Head of Portfolio, City, said: “Thomas More Square is in a strong fringe City location and this acquisition gives us full control as we completely redesign the public realm and introduce new retail space. The recent lettings to Ipsos MORI and MOL demonstrate the rising demand for great space in this part of London.”
Source: Land Securities