Marylebone offices acquired by SWIP

£32.3m paid for office space currently occupied by BBC

Article posted: 01 Jul 2011

Scottish Widows Investment Partnership on behalf of HIFML UK has acquired office space in Marylebone, W1 with the purchase of the 999-year leasehold interest in 35 Marylebone High Street, in an off-market deal for £32.3m.

The vendor was Conegate, the property investment vehicle of the published and West Ham United joint owner, David Sullivan. The 47,421 sq ft offices in the West End of London are currently let to the BBC. However, the corporation is set to vacate the building in six months’ time after which SWIP and its development adviser, Welbeck Land, will explore options for the property.

Nick Ireland, Investment Director, Real Estate at SWIP commented: “The area around Marylebone High Street is one of the most vibrant places to live and work in London. This property occupies a 0.38 acre site and offers strong growth potential and excellent active management opportunities. We shall evaluate the options and look to progress our plans once vacant possession is obtained.”

Last month, also on behalf of HIFML UK acquired a prime location mixed-use scheme comprising retail accommodation and office space on Oxford Street.

H2SO advised SWIP while Harris Associates acted for Conegate.

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Posted by Jo