SWIP acquires Debenhams' West End offices

Scottish Widows Investment Partnership purchased 1-2 Welbeck Street for £36m

Article posted: 06 Apr 2011

Scottish Widows Investment Partnership (SWIP), on behalf of Scottish Widows Unit Funds, has bought Debenhams' West End offices at 1-2 Welbeck Street for £36m in an off-market deal.

The prime building provides eight floors of office space close to Oxford Street, conveniently located for Debenhams' flagship store.

The retailer currently pays an annual rent of £1.43m on a lease which expires in 2013. There is planning consent for a 53,100 sq ft redevelopment of the building to provide office, retail and residential space.

James McLean, Investment Manager, Real Estate at SWIP comments: "This purchase is in line with the fund's strategy to increase weightings in Central London and take advantage of the strong rental growth prospects in this sector. SWIP's strong transactional reputation in the market and its ability to operate effectively were key in securing this core West End property off-market."

H2SO advised SWIP. The vendors were private clients of GM Real Estate.

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Posted by Jules