Friday, 8 May 2015
WELPUT acquires North West House for €52.6 mln (UK)
West End of London Property Unit Trust, managed by Schroder Real Estate and advised by Quintain Estates and Development plc has exchanged contracts to buy the freehold interest in North West House, 119-127 Marylebone Road, London NW1, for a net price of £38.28 mln (€52.6 mln) from J9 Properties, a wholly owned subsidiary of Alexander Dellal’s Allied Commercial Exporters Ltd.
This transaction represents another acquisition by WELPUT outside of the core West End market and further expands WELPUT’s footprint across the whole of central London.
North West House occupies a prominent, peninsula site on the south side of Marylebone Road, close to both Marylebone and Baker Street train and Underground stations. The property provides 39,637 ft² (3.623 m²) of offices and 2,296 ft² (185,806 m²) of retail over basement, ground and seven upper floors and is entirely let to BHS Limited on a lease that expires in March 2017.
In line with its strategy of investing in properties which are ripe for repositioning, WELPUT has identified significant asset management opportunities for North West House and intends to undertake a comprehensive refurbishment or redevelopment of the building, converting it into high quality office space, in order to maximise value for investors.
WELPUT was represented by Michael Elliott.
Source: FTI Consulting