London Investment Properties Track Record
89 Eccleston Square , SW1
November 1, 2022
VALUE
£39.75 million / £579 per sq ft
AREA
68,686 sq ft
TRANSACTION DATE
November 2022
PURCHASER
M&G Real Estate
VENDOR
Criterion Capital
CBRE’S ROLE
Disposal
DESCRIPTION
CBRE advised M&G Real Estate on the disposal of its freehold interest in 89 Eccleston Square.
The 68,700 sq ft office building, overlooking London Victoria station, was occupied by HM Government and in use as The Passport Office.
With the Government relocating across London, CBRE assisted with the negotiation of a short-term lease extension to April 2023. This allowed the asset to be offered with short-term income coverage, followed by significant redevelopment potential.
Both in preparation for marketing and during the sales campaign, CBRE worked closely with KPF architects and other technical advisors to create a feasibility study which highlighted a range of transformational redevelopment opportunities.
The sales process generated significant interest from a range of domestic and international equity buyers.
Coinciding with a period of significant economic turbulence and uncertainty, CBRE managed this risk through the sales process that reached its completion in November 2022. The asset was sold to UK investor Criterion Capital.
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