Private investor splashes £16.55m on City offices

LV= Asset Management sells 1 Bishopsgate, EC2 to foreign investor

Article posted: 29 Nov 2011

LV= Asset Management has sold the freehold interest if office space in the City of London, EC2 at 1 Bishopsgate to an overseas private investor, for £16.55 million.

The building comprises 27,300 sq ft, with four floors of grade A offices, approximately 4,000 sq ft each with restaurant accommodation on the lower ground, ground and mezzanine levels.

The building was sold with full vacant possession and had been comprehensively refurbished to achieve a Ska Gold rating, the first landlord-refurbished office building in London to do so.

Howard Meaney, Head of Property Investment Management at LV=Asset Management commented: "We opted to take advantage of the strong depth of investment demand that currently exists for prime Central London assets. We had a wide range of cash bidders that exceeded our expectations and we are delighted with the result."

Cushman & Wakefield and Jones Lang LaSalle acted for LV= and were subsequently reinstructed to continue as letting agents. Shelley Sandzer is the retail letting agent.

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Posted by Jo