GPE has paid £30m for the long leasehold of 6-10 St Andrew Street, EC4, in an off-market deal.
The 46,200 sq ft building is currently vacant, and benefits from planning permission for a two-storey extension.
GPE said the building, which is five minutes’ walk from the new Farringdon Elizabeth Line station, requires substantial refurbishment to bring it in line with GPE’s net zero carbon commitment. After that it will provide approximately 48,000 sq ft over lower ground and eight upper floors, with two private terraces as well as a communal roof terrace and winter garden.
GPE plans to add St Andrew Street to its flex offer.
Investment manager Alexa Baden-Powell said: “St Andrew Street is a great opportunity for us to completely reposition a tired, vacant building into a sustainable, high-quality, beautifully designed workspace that fully caters to our customers’ evolving demands.’’
The building was bought by Orchard Street Investment Management from Prestbury in 2012 for £23.5m. The acquisition was made on behalf of St James’s Place property funds.
Savills represented the vendor in the sale; RX advised the purchaser.
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