Private UK investor has completed the purchase of a vacant office building for £17.5 million for redevelopment
Located in the heart of Fitzrovia, the 14,538 sq ft building is arranged over lower ground, ground and five upper floors. The sale reflects a capital value of £1,200 per sq ft on the existing floor area. Legal & General achieved planning consent to add an additional floor and infill light wells, creating additional net area, but also stripped the building back to shell condition in order to achieve best value on their sale.
“There are several major regeneration schemes underway in Fitzrovia that are driving a rapid transformation in the area. The sale of 66 Newman Street demonstrates the appetite for product from both investors and occupiers, many of whom are seeking creative modern spaces. Legal & General has reacted to that demand and created an attractive starting point, bringing new life to this building,” explained Dominic Amey, capital markets director in Colliers’ City office. “Both our City and West End capital markets teams worked with Legal & General in order to market the property as widely as possible and achieve best value for Legal & General.’’
Colliers International advised the vendor, Legal & General. Simon Korn advised the private purchaser.