CIT to raise Finsbury Tower
Islington Council has approved CIT’s plans for a 12-storey extension to the 16-storey Finsbury Tower, EC1, close to Old Street roundabout. The extension will add 136,562 sq ft of office space to the tower. Horden Cherry Lee is the architect; DP9 is planning adviser.
Sefton Council snaps up centre
Avenue Capital and Ellandi have sold the Strand Shopping Centre in Bootle, near Liverpool, to Sefton Borough Council for £32.5m – an 8.7% yield. Ellandi will remain as asset manager. During its ownership Ellandi reduced vacancy rates from nearly 30% to less than 10%, and increased footfall by 14%. Avenue and Ellandi were advised by Savills; Sefton BC was advised by Lambert Smith Hampton.
HB Reavis buys Elizabeth House
HB Reavis has completed its purchase of Elizabeth House, South Bank. The site at One Waterloo, SE1, has been granted planning consent for a 945,000 sq ft development. The acquisition adds a fourth development to its London portfolio. Elizabeth House is a 1960s office building with planning permission for two new buildings, of 29 and 10 storeys, comprising 753,000 sq ft of commercial floorspace, 142 homes and public space totalling 192,000 sq ft.
CEG offers Stakehill Estate for £44.3m
CEG has puts its 680,000 sq ft distribution centre at Stakehill Industrial Estate in Greater Manchester up for sale at an asking price of £44.3m, a yield of 6.8%. It bought Stakehill on behalf of investors in 2012. WHR Property Consultants and Savills are joint agents.
