14th Apr 2015 06:37
LONDON (Alliance News) - British Land Co PLC Tuesday extended its portfolio at the Paddington Central development in West London by acquiring the One Sheldon Square office development for GBP210 million.
The property developer has bought the building, comprising nearly 200,000 square foot of office space over nine floors, from the Employees Provident Fund, Malaysia, meaning it has now invested in 800,000 square foot at Paddington Central, with a further 146,000 square foot under construction and 210,000 square foot consented for future development at the site.
"Acquiring One Sheldon Square, which is prominently located at the entrance to Paddington Central, allows us to develop a wider vision for the campus as an attractive mixed use destination," it said in a statement.
The building is fully let to Visa Europe Services until December 2022 with a rent review in December 2017. Total annual contracted rent is GBP9.5 million reflecting an average rent of GBP48.70 per square foot, the company said.
By Steve McGrath; [email protected]; @stevemcgrath1
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