The sale of Orion House in Covent Garden by WELPUT to Criterion Capital for more than £130m is off, with the property now relaunched.
Ker Gilchrist, managing director of BentallGreenOak, which manages the West End-focused fund, said: “We are now looking to sell this stabilised asset and deploy the proceeds into WELPUT’s existing pipeline of schemes, as well as into one or two other new projects we have identified.”
The firm has appointed JLL and BNP Paribas Real Estate to formally market the freehold interest in Orion House.
The 15-storey property provides around 100,000 sq ft of space, and is let to several tenants including the Office Group, which agreed to lease 37,687 sq ft of the office space on a 15-year lease in July last year, and investment manager Marathon Asset Management.
WELPUT acquired Orion House in 2010 and has extensively refurbished the property.
The total rent from the 10 office tenants and two retail tenants is £6.42m per year.
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