Reuben Brothers rake in another £20 million as they sell Embankment site

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David and Simon Reuben’s Motcomb Estates has sold 78,066 square feet Tintagel House to workspace provider The Office Group.

Once home to the Met, the riverside asset on a 0.82 acre site, has panoramic views towards Battersea Power Station.

It has scope for an office refurbishment.

Market sources said contracts had been exchanged. A deal was agreed for above the £20 million asking price set by selling agent JLL’s West End team in February.



Tintagel HouseSold: Tintagel House


 

It means the brothers whose specialities include real estate, will see their wealth surpass their existing combined £7 billion.

 

Research by the Bloomberg Billionaires Index for the Evening Standard ranked them as Briatin’s second richest home-grown billionaires.

For The Office Group it means they have another chunk of real estate to capitalise on soaring office demand from businesses.

The group has more than 20 sites in London.

Tintagel House is held on a long leasehold from the Duchy of Cornwall that expires in 2083.

The head rent is currently £375,525 pa and it will be next reviewed in 2024.

Source Article from http://www.standard.co.uk/business/business-news/reuben-brothers-rake-in-another-20-million-as-they-sell-embankment-site-10219131.html

May 1, 2015 |
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