A marquee commercial property in the City of London currently housing the UK headquarters of Deutsche Bank has been acquired by a Hong Kong-based private family office for £32.4m.
Garden House, which sits near the Bank of England in the Square Mile, has been acquired by a UK institutional fund by Estate Office Property Consultants who carried out the deal on behalf of the Far Eastern family office.
The prime 43,382 sq ft property is currently let to Deutsche Bank until March 2023 as part of its Winchester House campus, although the German bank plans to move much of its London operations to a new property currently under construction near Moorgate Tube station.
Encompassing six upper floors along with ground, lower ground and basement levels, the building also has the potential to expand office space in the building by around 6,650 sq ft according to the consultancy.
For Estate Office the deal marks another high-profile deal brokered on behalf of foreign investors with the firm having advised on over £1bn-worth of transactions since 2012.
Barry Marshall, Head of Commercial at Estate Office, commented: “This is a prized asset in one of the City of London’s best locations, with excellent growth potential thanks to the impending Crossrail and surrounding redevelopments such as Angel Court which are attracting global tenants and achieving strong rents.
“The opportunity to further refurbish and extend Garden House makes it a prudent investment for the future and while we are seeing some uncertainty in the commercial market, the City of London will remain a highly attractive location, with high levels of investment coming from overseas, particularly from the Asia Pacific region.”
Written by: Billy Wood
Source: Bdaily