The Chartered Institution of Building Services Engineers (CIBSE) has purchased 91-94 Saffron Hill EC1N, a c. 1,542m2 office building in the City of London, from 1908 Property Holdings Limited for c. €9m.
Allsop advised CIBSE on the acquisition of its new central London office through its specialist City Investment team, having also advised the engineering membership body via its residential investment team on the disposal of its long-term headquarters in Balham, south London, earlier this year.
The vendor, 1908 Property Holdings Limited, a subsidiary of Dentists’ Provident, is an insurance specialist for the dental profession, was advised by Tuckerman Commercial.
91-94 Saffron Hill is arranged over lower ground, ground and three upper floors. CIBSE will take vacant possession as owner-occupier of the second and third floors for its new central London headquarters, with the building also offering additional income through the ground and lower ground floors which are let to Dentists’ Provident, and the first floor being let to Gamcare, which has opted to extend its lease.
Chris Room, partner (City Investment) at Allsop, said: “CIBSE’s decision to relocate from its long-term home in Balham – which it occupied for 45 years – to central London reaffirms the importance of excellently located workplaces that benefit from numerous amenities on the doorstep. This acquisition by an owner-occupier is further confirmation that the City and its fringes remain very attractive areas to work, and therefore invest in, for owner-occupiers and investors alike.”
Ruth Carter, CEO of CIBSE, said: “When we think about CIBSE being insightful, leading and challenging – this is the perfect building to embody that vision. This is a building that CIBSE can be proud of.”
Written by Leon Goldwater for Europe Real Estate.
Image provided by SECNewgate.
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