London Investment Properties Track Record
Lazari / Derwent West End Joint Venture
August 1, 2021
VALUE
£279 million
AREA
304,100 sq ft
TRANSACTION DATE
August 2021
PURCHASER
Derwent London
VENDOR
Lazari Investments
CBRE’S ROLE
Acquisition
DESCRIPTION
CBRE advised Derwent London on an off-market transaction with Lazari Investments to acquire two assets and enter into a 50:50 Joint Venture for the holding and development of a third site.
The largest property acquired was 250 Euston Road NW1 which totals 165,900 sq ft and sits on a 1.6 acre site. This freehold office building is let in its entirety to University College London Hospital (‘UCLH’) on a lease expiring in 2039. In the longer term, there is an opportunity to create a larger scheme on this potential Life Science site.
The second property acquisition was 171-174 Tottenham Court Road W1 which is a multi-let freehold office and retail building totalling 16,200 sq ft. This property, together with adjoining UCLH and UCL interests, forms an important strategic holding in a larger block with longer term development potential.
The new joint venture is expected to acquire three leasehold properties: 38-52, 54-60 and 66 Baker Street W1 totalling 122,200 sq ft. Together with a fourth property owned by the freeholder, The Portman Estate, these buildings form a 1.0 acre island site capable of significant redevelopment.
Latest Deals
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Case Study
Whittington House, 19-30 Alfred Place, WC1
Whittington House, 19-30 Alfred Place track record.
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Case Study
Atlantic House, 45-51 Holborn Viaduct, EC1
Atlantic House, 45-51 Holborn Viaduct track record.
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Case Study
90 Union Street, SE1
CBRE are pleased to have advised CBRE IM on the disposal of 90 Union Street, a multi let office building in the heart of Southbank. The building was sold to a new entrant to the Central London market, Iroko Zen, a French investment firm.
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Case Study
55 Strand, WC2
55 Strand track record.
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Case Study
140 Leadenhall Street, EC3
CBRE advised Greycoat on the acquisition of 140 Leadenhall Street. The building comprises 45,000 sq ft of office space in the heart of EC3, presenting opportunities for active asset management and longer term transformation.
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Case Study
120 Aldersgate Street, EC1
CBRE advised Greycoat on the acquisition of 120 Aldersgate Street. The building is now fully let, occurring weeks after the deal completed, highlighting the demand for high quality, well connected workspaces.
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Case Study
Turnmill, 63 Clerkenwell Road, EC1
63 Clerkenwell Road track record.
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2 Hosier Lane, EC1
CBRE advised Park Capital Group on the disposal of 2 Hosier Lane. The asset is let in its entirety to Travers Smith LLP and occupies a prominent location on the corner of Smithfield Street and Hosier Lane.
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Case Study
1 Triton Square, NW1 (50% Interest)
CBRE advised Royal London Asset Management on a new 50:50 Joint Venture to deliver 1 Triton Square into a best in class science and innovation centre at Regent’s Place.
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Case Study
25-31 James Street, WC2
CBRE advised Shaftesbury Capital on the acquisition of 25-31 James Street. The deal comprised 6 contiguous buildings comprising 20,001 sq ft of prime retail, vacant office and residential accommodation, prominently located in Covent Garden.
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Case Study
Charlotte Street Lifestyle Portfolio
CBRE advised Shaftesbury Capital on the disposal of the Charlotte Street Estate Lifestyle Portfolio, a prime F&B led estate located in the vibrant neighbourhood of Fitzrovia comprising 21 assets.
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Case Study
14-15 Conduit Street, W1
CBRE advised a private Spanish investor on the acquisition of 14-15 Conduit Street. 14-15 Conduit Street is an attractive corner building comprising retail and office space in one of London's prime retail destinations.
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Case Study
South Molton Street Estate
CBRE advised City of London Corporation on the disposal of the South Molton Street estate. This was an exceptionally rare opportunity comprising 53 freehold buildings in the heart of Mayfair.
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Case Study
Tower House, 10 Southampton Street
CBRE advised Shaftesbury Capital on the disposal of Tower House. The asset was redeveloped behind an attractive period facade to provide 53,363 sq ft of Grade A office, flagship retail and residential accommodation arranged over basement, ground and eight upper floors.
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Case Study
Ruby Zoe Hotel, Notting Hill
CBRE advised Deka on the acquisition of the Ruby Zoe Hotel in Notting Hill. The 173-room Ruby Zoe opened in June 2023.
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Case Study
25 Victoria Street
CBRE advised the UK property company, Delancey, on the disposal of 25 Victoria Street. The purchaser was BNP REIM.
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Case Study
125 Shaftesbury Avenue
CBRE advised the Korean vendor, KB Securities, on the disposal of 125 Shaftesbury Avenue.
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Case Study
Soho Wharf, 1 Clink Street, SE1
View the track record for Soho Wharf, 1 Clink Street, SE1.
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Case Study
92 New Bond Street, W1
CBRE advised City of London Corporation on the disposal of the prime, vacant, freehold asset at the junction of Bond Street and Oxford Street.
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Case Study
Watling House, 33 Cannon Street, EC4
CBRE advised Blackrock on the disposal of this prime multi-let City core opportunity.
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Case Study
94 New Bond Street, W1
CBRE advised a private Spanish family office on the disposal of their virtual freehold interest.
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Case Study
31 Old Burlington Street, W1
CBRE advised a private overseas vendor on the disposal of their freehold interest in 31 Old Burlington Street to a new entrant, Manolo Blahnik Group.
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Case Study
The Portland Hospital, W1
CBRE advised Amsprop on the sale of 215 Great Portland Street, a prominent corner freehold building single-let to HCA who operate the building as part of their Portland Hospital campus.
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Case Study
5-10 Great Tower Street, EC3
CBRE advised Dominus on the acquisition of this highly prominent refurbishment/redevelopment opportunity. The property was openly marketed with strong interest received from hotel, serviced apartment, student and office developers.
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Case Study
126-134 Baker Street, W1U
CBRE advised British Land on the disposal of this mixed-use asset at the northern end of Baker Street which benefited from planning permission for conversion of the uppers to residential use.
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Case Study
Barratt House, W1
CBRE advised Aviva Investors and PSP Investments on the disposal of their virtual freehold interest in Barratt House, 341-349 Oxford Street to a new Hong Kong entrant, Liu Chong Hing Investment Limited.
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CBRE advised Aviva on the ‘off-market’ disposal of this prime freehold opportunity which comprised an asset on New Bond Street and one on Dering Street, just off Hanover Square.
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Case Study
40 Furnival Street, EC1
CBRE advised Columbia Threadneedle on the disposal of 40 Furnival Street, EC4 to Far East Consortium. The freehold 9,646 sq ft building is located in midtown and was offered with vacant possession.
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Case Study
St Katharine Docks, E1
CBRE advised Blackstone on the sale of St Katharine Docks, a 23 acre freehold estate to City Development Limited for £395m. The estate comprises four principle multi-let office buildings surrounding the marina.
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Case Study
160 Borough High Street, SE1
CBRE advised Fortress Investment Group on the long leasehold disposal of 160 Borough High Street to SE Land.
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Case Study
Tribeca, Kings Cross, NW1
CBRE were appointed by GIC to advise on the acquisition of the landmark life-science led campus in King’s Cross. GIC took a 75% stake in the joint venture and are working alongside British Airways’ New Airways Pension Scheme (NAPS) and Reef Group to deliver a premier life science destination in the heart of London’s Knowledge Quarter.
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Case Study
6 Duke Street, St James, SW1
CBRE advised Abrdn on the sale of 6 Duke Street St James’s for £62.5m to Darin Partners, acting on behalf of a private Middle Eastern investor. CBRE previously acquired the building on behalf of Abrdn in 2015 and have advised both strategically and on the ongoing leasing of the asset since initial acquisition.
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Case Study
89 Eccleston Square , SW1
CBRE advised M&G Real Estate on the disposal of its freehold interest in 89 Eccleston Square.
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Case Study
14 Berkeley Street, W1
CBRE advised a Private Spanish client on the acquisition of this prime Mayfair freehold asset. The building is located just to the south of Berkeley Square and provides 13,979 sq ft of office and luxury car showroom accommodation.
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Case Study
3-8 Whitehall Place, SW1
CBRE advised Schroders Capital (on behalf of the Greater Manchester Pension Fund) on the successful disposal of 3-8 Whitehall Place, a prominent freehold building in the heart of the Whitehall Estate. The 95,225 sq ft building is single let to The First Secretary of State on a term expiring June 2029 (6.9 years unexpired).
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Case Study
Paddington Central, W2
Having been involved with the campus for over a decade, CBRE is delighted to have advised British Land on the successful disposal of a 75% share in their Paddington Central campus to GIC.
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Case Study
40 Strand, WC2
CBRE advised Landsec on the sale of 32-50 Strand to Sinarmas Land for £195m, as part of their strategy to sell selected assets to reinvest in higher returning opportunities.
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Case Study
28 St George Street, W1
CBRE advised the Lazari family on the acquisition of this prime Mayfair refurbishment opportunity. The property was discreetly marketed and CBRE was able to successfully able to secure the asset for our client ahead of the competition.
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Case Study
49 Park Lane, W1
CBRE advised Pembroke on this landmark sale which achieved new benchmark pricing for Central London offices at 2.75% NIY. The property was launched to market in Q1 2022 and attracted a truly global investor audience.
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Case Study
7-11 Herbrand Street, WC1
CBRE advised LabTech Investments on the sale of this comprehensively refurbished and repositioned art deco office building recently let to leading fintech company, Thought Machine.
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Case Study
New River Yard, Clerkenwell, EC1
CBRE acted for Derwent London to dispose of their freehold interest in New River Yard, an asset comprising four office buildings which are multi-let to 13 tenants.
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Case Study
Labs House, 15-19 Bloomsbury Way, WC1
CBRE advised LabTech on the freehold sale of Labs House, a newly refurbished Grade A office property let to dynamic serviced office operator, LABS, for a term of 10 years with indexation.
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Case Study
1 Old Queen Street, SW1
CBRE advised on the successful off market acquisition of 1 Old Queen Street for a Private Middle Eastern Investor.
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Case Study
2 Cavendish Square, W1
CBRE advised on the successful acquisition of 2 Cavendish Square for CBRE IM. This was a highly competitive process with 45 inspections and 11 bids in the first round and 5 parties invited into the second round.
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Case Study
15 Adam Street, WC2
CBRE advised K&K Property Holdings on the acquisition of 15 Adam Street, WC2 from SEB for £66.1m. The purchase is their fourth in London, continuing their expansion in the capital. The freehold property is located in one of London’s most vibrant sub markets, benefitting from close proximity to Charing Cross station and Covent Garden Piazza. Comprehensively refurbished in 2019, the property provides 53,985 sq ft of office and retail accommodation, let to 10 tenants with a WAULT of approximately 7.5 years to expiries and an average office rent of £66.50 per sq ft.
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Case Study
6-9 Harbour Exchange Square
CBRE identified Harbour Exchange as a potential sale for Land Securities due to their strategy to sell out of long dated Income.
Contacts
David Green
Executive Director
Ed Bradley
Head of Central London
Capital Markets
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