Banking and property investment company Evans Randall have sold their office property in West London.
The offices are located at 10 Burlington Street and are currently let to companies such as Goodman, capital management firm Davidson Kempner, hedge fund Nevsky Capital and Storm Harbour.
Evans Randall have sold the building for around £46 million to a private client of HSBC bank. This is £2 million less than the building originally cost the company in 2008. The West London property was sold as a long leasehold interest with the freehold of the property being held by the Pollen Estate. The lease will expire in 2132.
This deal comes just over a month after Evans Randall acquired the Drapers Gardens development for £242.5 million in a joint venture with the Canary Wharf group. The development consists of 292,500 square feet.
Chairman of Evans Randall, Michael Evans commented, “Drapers Gardens offers good long-term investment prospects, given the length of lease and the quality of both tenant and building”.
Evans Randall is a investment banking and private equity group that specialises in alternative asset investments and structured finance. Previously they have worked on the leasing, financing and underwriting of Credit Suisse’s London offices, the financing and underwriting of Deutsche Telekom’s headquarters in Munich and the sale of ABN AMRO’s London offices.