A Brockton Capital and Landid joint venture is buying Coca-Cola’s former Uxbridge headquarters in west London for a £100m redevelopment.
The pair have gone under offer to buy the 160,000 sq ft landmark office building Charter Place for just over £25m.
Planning permission was secured last year for a £100m TateHindle-designed revamp of the 27-year-old property, providing scope to increase current market rents of £32 per sq ft by at least 6% to £34 per sq ft.
A source said: “It is one of the rarest and largest redevelopment opportunities in west London.”
Brockton and Landid teamed up in April for a £150m Thames Valley offices joint venture. Purchases made include the 60,000 sq ft Minerva House in Reading, Berkshire, for £5.5m, which will undergo a refurbishment.
Demand for new grade-A schemes is accelerating, according to Lambert Smith Hampton, which said a number of lease events between 2014 and 2016 will see a host of occupiers in need of space in and around the area.
In Uxbridge there is a dearth of vacant offices, with just under 50,000 sq ft of grade-A space currently available, and no new developments in the pipeline except for a 24,000 sq ft refurbishment of 1 York Road.
Charter Place was home to Coca-Cola Enterprises for 20 years until April 2012, while existing tenant Nexen Petroleum announced in July it will relocate to the Stanza building in Uxbridge. Nexen’s lease expires in June 2015, but an early surrender is expected.
Ignis Asset Management appointed Jones Lang LaSalle to sell Charter House in October. It was seeking offers in excess of £22.5m.
All parties declined to comment.
Joanna.Bourke@estatesgazette.com
