Victoria acquisition for German fund
26 April 2008
50 Broadway, London, SW1 was purchased for £58.5 million
German fund manager Pramerica has bought 50 Broadway, London, SW1, from Henderson Global Investors for £58.5 million, representing a yield of 5.85%.
The nine-storey, 72,900 ft², office building is located south of St James’s Park, and is let to two tenants, paying £3.6 million a year. The lower ground to fourth floors are the headquarters of law firm Bircham Dyson Bell. Regus UK) Ltd lease floors five to nine.
BDB’s lease runs through to December 2021, with a tenant break in December 2017. Regus’ lease expires in November 2017. Rent reviews are next scheduled for December and November 2011 respectively.
King Sturge acted for Pramerica and Savills advised Henderson.
