The West End of London Property Unit Trust has made its first purchase in the City of London as it continues to expand out of its traditional W1 heartland.
Schroder Property-managed WELPUT has exchanged contracts to purchase Bury House, 31 Bury Street, EC3, for £22.9m – a 4.4% yield – from Aberdeen Asset Management.
Scottish Widows Investment Partnership, bought by Aberdeen in 2013, purchased the block from Canada Life for £12m in 2011. The block underwent a refurbishment in 2014.
The 28,194 sq ft block is let to IP Solutions, JX Nippon, Shillington, TIW Group, Eurobase International, Elliotts Shah and Adjusting Services, among others.
Earlier this month WELPUT expanded to the West with a £38.3m deal to purchase BHS’s HQ at North West House, 119-127 Marylebone Road, NW1, from Alexander Dellal’s Allied Commercial Partners.
In July 2014 WELPUT also paid £86.5m for 101 New Cavendish Street, W1, its first foray into Fitzrovia.
GM Real Estate advised Aberdeen Asset Management; Strutt & Parker acted for WELPUT.
