GVA is considering bringing all its London staff under one roof after the sale of its West End headquarters fell through this week.
The Algerian Embassy has walked away from a deal to buy Arab Investments’ 10 Stratton Street, W1, for £65m. GVA has now indicated that it may agree to an early surrender of its lease, which could allow a more immediate owner-occupier deal on the building.
The agent has four years left on its lease.
The 41,500 sq ft block is being re-marketed by H2SO for £60m. With GVA in place, a sale at that price reflects a 4.47% yield.
GVA, which has a second London office at 80 Cheapside, EC2, has entered into discussions with a number of landlords over its future occupational requirements.
Options for around 50,000 sq ft in both the City and West End are being considered.
In the City, the agent is understood to be looking at Minerva’s Walbrook, EC4, where Spanish bank Santander has dropped its plans to take 100,000 sq ft; Aviva Investors’ and Atlas Capital’s 20 Gracechurch Street, EC3; and Land Securities’ One New Change, EC4.
Its Stratton Street base was put up for sale last October and went under offer to the Algerian Embassy in January. The embassy is understood to be looking at other central London properties, despite the distraction of growing domestic unrest in the North African country.
