A 100,000 sq ft office building in the City has been purchased by Standard Life Investments for £41 million on behalf of a segregated client.
The property, which is at 100 Leman Street in Whitechapel, has seven floors and a large basement car park. Its present tenants include Generali and Level 3 Communications.
Jason Baggaley, Fund Manager, Standard Life Investments said: “We’re pleased to have purchased this prime office asset, it is a great investment with strong potential for future growth. Given the continued increase in demand for quality office space in the eastern fringe of the City, it was the right time to buy this asset which has the potential to deliver strong returns for our client.”
James Abrahams, Partner at Allsop, advising on the purchase said: “We’ve seen an increased interest and demand in larger more attractive properties within the Whitechapel area. In our experience, property companies are finding value in this area of the City fringe for refurbishment and development opportunities and this is already evident with on-going gentrification of the area.”
Standard Life Investments was advised by Allsop and Trinova Real Estate acted for the vendor.
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