The global advertising group, M&C Saatchi, has bought its headquarters at 36 Golden Square from landlord, Scottish Provident, for around £24.5m. The building is located in the heart of Soho and comprises 40,500 sq ft of offices. M&C Saatchi will continue to occupy the property. The deal reflects a net initial yield of just over 6.5%.
Simon Jones of Strutt & Parker, which represented Scottish Provident, commented: “Golden Square is one of Soho’s top end office locations and the strong price achieved and the number of other bids received at a similar level demonstrates the continued current weight of money in Central London investment property set against a lack of high quality available stock.”
M&C Saatchi was advised by Teacher Marks.