Orchard Street Investment Management LLP (Orchard Street), the specialist commercial property investment manager, has completed the acquisition of Buchanan House, EC1N on behalf of the Orchard Street Special Situations Fund II, in its first transaction for the Fund which was set up in April 2012. The building was bought from Great Portland Estates for £20.5 million (25.7 mln.).
The building, not pictured, was bought from Great Portland Estates for £20.5 million.
Buchanan House comprises 48,524 ft² (4,493 m²) of office accommodation, arranged over seven upper floors, together with a 17,853 ft² banking unit on the ground and basement floors which is currently occupied by HSBC. The remaining floors are let to Interactive Pro, Cityspace, QCC Information Security, Global Witness and Societe pour l'expansion des ventes des produits Agricoles et Alimentaires.
Situated on the corner of Holborn and Fetter Lane in the heart of Midtown, the property offers excellent transport links, with Chancery Lane Underground Station, Farringdon Station and City Thameslink Station all within walking distance. The area is an established location for professional, legal and financial occupiers including Goldman Sachs, Deloitte, J Sainsbury Plc, Taylor Wessing, Accenture and BT.
Commenting on the acquisition Chris Bartram, Chairman of Orchard Street, said, "We are delighted to have completed this first investment on behalf the Fund so soon after launching it. This is an excellent investment being a freehold property with good floor plates in one of the most exciting areas of London. The potential to exploit the reversionary nature of the property through active management, including high quality refurbishment, in a location with real rental growth prospects makes this an ideal acquisition for the second Orchard Street Special Situations Fund."
Orchard Street was advised by BNP Paribas and Great Portland Estates was advised by DTZ.