Great Portland Estates (GPE) has announced the purchase of a building on the south bank of the River Thames in London, which it has earmarked for a major renovation project.
Minerva House has been bought by the company for £60 million and officials have already stated their intention of carrying out a major refurbishment of the structure, which could lead to a redevelopment project of the surrounding site. The structure is sat in an ideal location for any business and already houses the likes of Ipsos MORI and Winkworth Sherwood LLP and GPE believes that a major overhaul of the building could help to attract more companies to the city centre location.
The two current tenants at Minerva House pay a total of £3.4 million a year in rent at the 103,686 sq ft development and a refurbishment could help to entice more organisations to set up business in the structure.
This will help to bring in more revenue for the structure's owner and it is something that GPE is keen to implement. The building is located a stone's throw away from Southwark Cathedral with London Bridge being the nearest Tube station, making it ideal for commuters to get from the suburbs into central London for work.
Toby Courtauld, chief executive of GPE said: "We are delighted to have acquired Minerva House, the first purchase following our £140 million equity placing announced less than one month ago. This property meets our objectives of an accretive initial yield with an attractive prospective total return due to its low rents and multiple refurbishment possibilities."
GPE holds a plethora of properties across London, with the most prominent being in the likes of Southwark, where it holds a building at 240 Blackfriars Road. The area north of Oxford Street is also a hotspot for structures owned by the company.
The properties are available for both residential and office use and providing people with an ideal location for a home or business in the heart of the capital.
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