Our Knowledge Centre combines a unique set of useful tools to assist ALL office movers. Use our moving guides, office space calculator, dynamic rental map and other tools to get an idea of what type of office your company needs. We’ll make sure you get there.
Register for FREE now and get full access.
St James Square, London, is notorious for having achieved the highest rental level for office space in the city – £185 per sq ft for the top floor of number 7-8.
The West End of London Property Unit Trust (WELPUT) purchased 3 St James Square back in 2012 for £66m, when the building was fully let to Winchester House Property Company for a net effective rent of £57.82 per sq ft. Since then, WELPUT has managed the asset via extensive refurbishment and by letting the building to multiple tenants; the latest deal in the building in Jan 2017 was at £110 per sq ft, with the highest rent reaching £160 per sq ft.
The 2nd, part 4th and part 6th floors are currently available, with asking rents of £110 per sq ft and £95 per sq ft respectively.
WELPUT is now under offer to sell the building to Joint Treasury, a Hong Kong based real estate investment firm, for £13m, double what they paid! The deal represents a yield of under 4%.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.
Morgan Pryce treats personal information safely and securely. Read more about how we store and protect information in our Privacy Policy.