WELPUT has made its first investment outside of the West End and exchanged contracts to buy the King’s Cross HQ of advertising group Wolff Olins.
WELPUT, managed by Schroder Property and advised by Grafton Advisors, has agreed to pay TIAA Henderson Real Estate £49.7m for 10-18 Regents Wharf, N1.
The price reflects a capital value of £730 per sq ft, and sits in WELPUT’s new investible area, which covers the whole of central London, as approved by unit holders in July.
The asset comprises 67,703 sq ft of office space and 37 car parking spaces across three buildings. Tenants include Wolff Olins and Phaedon Press. Average rents are £26.50 per sq ft.
Nigel Kempner, head of Grafton Advisors, said: “The modernised, semi open-ended structure of our trust has enabled us to invest in this exciting business destination while providing our unit holders with long term value.”
He added: “This is the first of a number of opportunities that the trust will be seeking to take advantage of under its new direction, as we capitalise on the changing patterns and preferences of London’s occupational markets.”
TH Real Estate bought the scheme for its Central London Office Fund II for £24.8m four years ago.
On the latest purchase Allsop advised the buyer and Michael Elliott represented the vendor.
