CLS Holdings has unconditionally exchanged contracts to sell its Quayside Lodge office building to SMC Fulham for £19m.
The agreed price is 14% above its book value on 31 December. Initially, CLS sought to sell the asset for £23.5m.
It follows planning permission for a 10-storey residential and office development at the location, in Fulham, SW10.
CLS said the decision to sell the 32,000 sq ft property was driven by its higher alternative use value, as well as limited scope for the company to add further value.
Quayside Lodge, which CLS acquired in 2004, currently provides 32,000 sq ft of office space over three floors.
Planning was approved last year for a new 160,000 sq ft expansion, designed by architects EPR.
The new development will provide 11,500 sq ft of new office space and 110 residential flats, 35% of which will be affordable housing.
The property will also include 200 cycle spaces and electric car charging points.
JLL acted for CLS.
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