The Langham Estate snaps up West End office for £29 millionComments Off on The Langham Estate snaps up West End office for £29 million
It has agreed a deal which will see its ownership of buildings between Oxford Street and Great Portland Street surpass the 1.3 million square feet mark.
The Langham Estate has bought 60-62 Margaret Street – home to African financial group Guaranty Trust Bank – for around £29 million.
A deal at that price is 20.8% higher than owner DTZ Investment Management instructed property agent Cluttons to seek.
It beat 11 bidders to the post for the 21,340 square feet building.
Kevin O’Connor, fund manager at DTZ IM said: “The price achieved crystallises a significant phase of positive return on this asset.”
While the new landlord will enjoy rental income of £1 million every year until 2022, more significantly the building is located next to and in front of The Langham Estate’s other holdings, meaning there is longer-term potential and freedom to work up new plans for a major redevelopment.
The Langham Estate has bought 60-62 Margaret Street
The Langham Estate is one of a handful of companies that own the bulk of properties in West End.
Others include The Crown Estate, Howard De Walden Estate and Great Portland Estates.