L&G Property pays £32m for Soho office scheme

76-88 Wardour Street acquired from Scottish Widows Investment Partnership

Article posted: 22 Sep 2011

Legal & General Property, on behalf of its Managed Fund, it has acquired the freehold interest in office space in Soho, W1 at 76-88 Wardour Street from Scottish Widows Investment Partnership for £32.8m.

Occupying a prominent corner position and comprising three retail units with five floors of vacant offices above, the property totals 48,000 sq ft of accommodation. The ground and lower ground floors are let to Oxac Ltd (trading as Wahaca), Qsoft Properties Ltd and Hummus Brothers Ltd on leases expiring 2027, 2022 and 2023, respectively.

Plans for a comprehensive refurbishment of the offices are being proposed by LGP in conjunction with Walbrook Land with the aim of delivering 33,000 sq ft of new Grade A space over the upper five floors in Q1 2013. Floor plates will range from 5,250 sq ft to 7,000 sq ft and will benefit from triple aspect windows. The office space in the heart of the West End will be serviced by a new enlarged and prominent corner reception, with a high quality contemporary fit-out.

LGP was advised by DTZ; Strutt & Parker advised SWIP.

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Posted by Ingrid