Midtown offices purchased by Middle Eastern investor

Aviva Investors sells Bedford Row office building for £14.7m

Article posted: 11 Oct 2011

International real estate advisor Savills has advised a private Middle-Eastern client on the purchase of 37-41 Bedford Row in London, WC1 from Aviva Investors for £14.6 million, reflecting a net initial yield of 5.2%.

Comprising seven floors totalling 24,648 sq ft of high quality office space in a prime Midtown location, the property is situation in the heart of London’s legal district. The property is let to established legal firm, Teacher Stern LLP, who agreed a new 15-year lease commencing in June 2011 at a starting rent of £800,000 pa.

Jonathan O’Regan, from Savills Central London Investment team, comments: "This acquisition gives the purchaser a good quality office building which functions as the headquarters for an established UK law firm who have committed to a new 15 year lease. Opportunities as good as this one are difficult to find in the current market."

Aviva Investors was advised by Lewis & Partners.

Also this week, Aviva Investors has offloaded office space in Manchester to a private investor, also thought to be from the Middle East, for £14.7m. Peter House (pictured) is a 100,000 sq ft building occupied by service office provider Regus.

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Posted by Julie