Fleet Place House
Grosvenor Europe has sold London's Fleet Place House to Beijing Capital Development Holdings in a deal worth £96.5m.
Grosvenor formally instructed BNP Paribas Real Estate to prepare the sale of the prime multi-let office and retail investment.
Following a competitive bidding process, which included domestic UK, American and Asian investors, the property has now been sold to Beijing SHOKAI.
Fleet Place House was purchased by GLOF in 2013 and provides high quality Grade A office, retail and ancillary accommodation comprising approximately 91,955 sq ft arranged over basement, ground and eight upper floors.
It is now let to six tenants including Just Eat, Samsung, Bevan Britain, Dimension Data, Pret and Starbucks. Grosvenor substantially re-modeled the common areas and increased the building’s amenities ahead of a program of re-configuring the tenant lineup.
Scott Rowland, fund manager at Grosvenor, said: “Since purchasing Fleet Place House, Grosvenor has upgraded both the asset and the income profile, driving income growth and delivering very attractive returns to our investors.”
BNP Paribas Real Estate acted for Grosvenor and Savills for Beijing SHOKAI.
BQ’s commercial property updates are supported by specialist lender Together, which provides funding to businesses and property investors nationwide. With over forty years’ experience in the financial services industry, Together offers short-term finance, auction finance, buy-to-let, residential and commercial mortgages and secured loans. For more information visit www.togethermoney.com
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