UK property market gets major boost, thanks to key West End office deal
The UK commercial property market got a major boost this week, thanks to a key transaction which saw British Land buy a West End office development for ┬ú40.25m.
The company bought the property on Victoria Street from Aviva Investors, in a deal which is said to be among the first of its kind in the Central London investment market this year.
According to the Telegraph, offices within the building are currently let to the Bank of America.
Some offices are also sub-let by the banking group to other companies, including travel and leisure giant lastminute.com, and the Labour Party.
Speaking to the Telegraph, Tim Roberts, British Land’s head of offices, said:
“The purchase fits in well with our strategy of balancing the office portfolio and increasing our weighting in the West End. The lease expiry sits comfortably in our portfolio which benefits from long and strong income.”
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