£67m Smithfield office bought by OSIM
Orchard Street Investment Management has acquired the long leasehold investment interest in 12 Smithfield from Scarborough Group for £67.2m. The purchase has been made for UK pension fund clients. The 100,000 sq ft office building was completed in 2004, and is mainly let to Travers Smith and Brewin Dolphin, on long leases at average present rents payable of c£11pfs.
Chris Bartram, of Orchard Street, said:
“We are delighted to be able to add this building to our client’s portfolio. We believe that the western edge of the City market offers significant growth prospects over the short and medium term, as current and proposed development nearby demonstrates the convenience and attractions of the area.”
Franc Warwick, and Morgan Pepper acted for Orchard Street, and Lambert Smith Hampton acted for the vendors.