A bidding war for the Arts Council England’s West End HQ, which has views over the Houses of Parliament, has ended with the site selling for 54% above the asking price.
A private client of Allsop, has bought office building 14 Great Peter Street, SW1, from Canada Life Investments, for £32.4m – a 3.6% yield.
The buyer, believed to be non-UK, beat a raft of bidders to buy the 30,132 sq ft block, which has had more than 100 instructions since Cluttons was appointed to sell it in January for £21m.
The Edwardian-style property is single-let to Arts Council England, and generates a rental income of £1.2m. Vacant possession will be available later this year, offering the new owner scope for an office refurbishment, or redevelopment.
Tim Warren, a partner at Cluttons, said: “The competition was surprisingly high and from every imaginable corner of the world.
“We received interest from a variety of investors and end users including owner occupiers, office refurbishment specialists, educational users, aged living providers and, as you would expect, from those driven by the office to residential conversion trend which continues in Westminster.”
Joanna.Bourke@estatesgazette.com
