Yahoo Finance Royal London boosts property portfolio with £68m office buy
Royal London Asset Management’s love for London property has shown no signs of slowing, with the investor adding a City office block to its portfolio.
The fund management firm has bought 10 Chiswell Street from a private seller for close to £68 million.
It is multi-let, providing steady rental income, and close to stations which will benefit from Crossrail. The 58,000 square feet property was developed in 2007.
Will Hawking, senior asset manager at RLAM, said the deal “follows a strong period of investment in central London”.
Purchases RLAM made last year included 25 Soho Square for £75.4 million.
Property agent Farebrother advised the buyer and Knight Frank represented the vendor.
New research this week predicts construction of up to five million square feet of new or refurbished offices in the City and West end could start between now and June 30.
That is up from 3.3 million square feet a year earlier.
The research said there is strong business demand for new offices and a number of buildings currently under construction have already been pre-let.
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