Yahoo Finance The Land Managers acquires office building in London’s West End for $30 mil
EDGEPROP (SINGAPORE) - The Land Managers, the real estate investment arm of the John Lim Family Office, announced on Oct 6 the acquisition of a 972-year leasehold office building, 6 Cavendish Place, in London for $30 million.
“This is a landmark acquisition for us as it is our first direct acquisition in the UK,” says Andy Lim, CEO of the John Lim Family Office. "We are confident that focusing on well-located prime commercial assets in London is a prudent strategy despite the short-term challenges of the UK economy," he adds.
The deal marks the third acquisition in the UK in the past year, signifying The Land Managers’ continued investment in the UK.
The transaction, expected to be completed in 4Q2022, will be managed by Highbridge Estates, a UK-based asset manager with over 30 years of experience in Central London’s commercial office.
The 12,880 sq ft, five-storey building has rectangular floor plates and substantial floor-to-ceiling heights with full exterior glazing, and a terrace. It is currently under a master lease to a national building company for another four years, providing a secure cash flow.
The building underwent several rounds of redevelopments to ensure a modern high-quality work and meeting spaces, the most recent in 2020, says Lim.
Located in the heart of London’s West End, in the prime Marylebone area between the Harley Street Medical Area and Regent Street, the area is renowned for strong tenant demand and limited office supply. It is within walking distance of Bond Street, Oxford Circus and Hanover Square Stations, and easily accessible to Mayfair, Marylebone, Fitzrovia and Soho.
Marylebone is one of the most prime office submarkets in Central London and commands one of the highest rents in the area, says Lim, who expects the property to benefit from the rental uplift potential in Marylebone. Prime rents remain stable due to the limited supply of good-quality space, he adds.
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