British Land has confirmed its purchase of financial services firm Visa Europe’s headquarters in Paddington, W2.
It has paid £210m for 1 Sheldon Square, Paddington Central.
Estates Gazette tipped that British Land was under offer for the 195,000 sq ft office last month, after Deutsche Bank, on behalf of Malaysia’s Employees Provident Fund, put it on the market in January.
The office is arranged over nine floors and is fully let to Visa Europe until December 2022 with a rent review in December 2017. The current rent is £9.5m per annum, reflecting an average rent of £48.70 per sq ft.
Tim Roberts, head of offices at British Land, said: “The acquisition brings British Land’s total investment in the area to 800,000 sq ft with a further 146,000 sq ft currently under construction at 4 Kingdom Street and 210,000 sq ft of consented future development at 5 Kingdom Street.
