Investor Global Holdings Group has acquired a mixed-use building in London’s Soho from Northwood Investors.
The company is understood to have paid around £25m for the 24,000 sq ft Frith + Bateman building on the corner of Frith Street and Bateman Street, W1.
The move follows earlier acquisitions as part of its value-add strategy, such as the purchase of the 62,777 sq ft 1-2 Hanover Square, W1 from publisher Condé Nast for £75m in January.
Josh Lawrence, chief executive at Global Holdings Management Group UK, said: “It is clear that there is a real shortage of high-quality workspace in Soho. We will move quickly to use our in-house design studio and asset management team to turn Frith + Bateman into must-have office and retail space.”
The company intends to “upgrade the building to modern standards with desirable amenities, and improve the environmental credentials of the building.”
Lawrence added: “We are long-term investors in Soho because it is well-connected to public transport, and it is a fun place for people to work: where else do you have such a huge variety of quick lunch options alongside an abundance of bars and restaurants to go out with friends and colleagues after work?”
According to EG Radius Data, the building was last traded in 2017, when it was bought by a private investor for £34.6m.
Photo from Global Holdings Group
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