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39 Victoria Street in March 2014.

39 Victoria Street in March 2014.

March 5, 2014
39 Victoria Street developed by British Land.

39 Victoria Street developed by British Land.

Image: British Land

39 Victoria Street

Address:
39 Victoria Street, London SW1H 0EU
Type:
Commercial
Completion:
2013
Area:
98,000 sq ft
Viewed:
3362

Description of 39 Victoria Street

39 Victoria Street is a 98,000 sq ft office building in Victoria, London SW1.

39 Victoria Street is a 10-storey office building designed by JRA Architects. The 98,000 sq ft space includes retail space on the ground floor.

The building is let in its entirety to The Corporate Officer of The House of Commons until September 2029 with a break in July 2026 at a total rent of c. £6 million per annum.

HISTORY

2015 July - Ho Bee Land acquires the building from British Land for a gross purchase price of £144 million (net price of c. £139 million after deduction of rent free top up).

2013 - substantially refurbished

2009 - Acquired by British Land for £40 million

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News & Comments: (2)

Buildington
2015/07/29 16:59

British Land has sold 39 Victoria Street, SW1 to Singaporean property company Ho Bee Land for a gross purchase price of £144 million (net price of c. £139 million after deduction of rent free top up).

Ho Bee Land is quoted on the mainboard of the Singapore Exchange and owns assets in London including 1 St Martin’s Le Grand, 60 St Martin’s Lane and Rose Court.

39 Victoria Street is a 10 storey office building, totalling 98,000 sq ft including retail space on the ground floor. It was acquired by British Land in 2009 for £40 million and was substantially refurbished in 2013. It is let in its entirety to The Corporate Officer of The House of Commons until September 2029 with a break in July 2026 at a total rent of c. £6 million per annum.

This transaction is in line with our capital recycling strategy and comes three months after the acquisition of One Sheldon Square at Paddington Central, where we are on site at 4 Kingdom Street and progressing our plans to improve the public realm.

Tim Roberts, Head of Offices at British Land, said:
“39 Victoria Street has been a good investment for us and is an excellent example of how we do business. Our refurbishment delivered a high quality building and attracted a high calibre occupier on a profitable lease. The timing of the disposal allows us to benefit from strong investment markets, and to allocate capital most appropriately across our business.”

Mayer Brown and Knight Frank acted for British Land.

Buildington
2014/09/24 15:48

British Land has confirmed that it has fully let its recently completed development at 39 Victoria Street, a fully refurbished Grade A office in the heart of Victoria.

This continues a period of successful letting across our recently completed West End developments, with 10-30 Brock Street, 10 Portman Square and 39 Victoria Street now all fully let or under offer at terms ahead of ERV. As a result, our 2.4 million sq ft West End office portfolio has a 96% occupancy rate, up from 88% at 31 March 2014.

Tim Roberts, Head of Offices and Residential, said: “We have continued to see good letting momentum across our London office portfolio which reflects the high quality spaces and environments we have created along with improving occupational demand. With little new product coming to market over the coming years, we are pushing forward with our near-term pipeline.”

Source: British Land 23.09.2014

*DISCLAIMER! Information on this page is for guidance only and remains subject to change. Buildington does not sell or let this property. For more information about this property please register your interest on the original website or get in touch with the Connected Companies.

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