Thursday, 2 April 2015
Rockspring’s Hanover sells Fox Court for €96 mln (DE)
Rockspring Property Investment Managers (“Rockspring”) announces the sale of Fox Court, London WC1 for £70 mln (approx. €96 mln) to Magnus Real Estate, on behalf of the Rockspring Hanover Property Unit Trust (“Hanover”).
Hanover acquired Fox Court, which is located in Central London, at 14 – 22 Grays Inn Road, in July 2010. The office building comprises 9257 m² arranged over sub-basement, basement, ground and seven upper floors, together with 36 car parking spaces in the basement.
During its ownership, Hanover achieved planning permission to provide a further 2347 m² of new office and retail space over ground, first, second and third floors, which when built will incorporate a major refurbishment of the Gray’s Inn Road entrance and the existing office space.
Further, planning permission has been obtained for a new entrance on Brooke Street. It is anticipated that the new scheme could be delivered by mid-2016. Terms have also been agreed for a new ground floor retail unit to be pre-let to Tesco for 20 years, with indexed uplifts.
Source: FTI Consulting