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It has been revealed this week that Standard Life is buying the London headquarters of the television channel, QVC, known as Building 8. The property, in Chiswick Park on Chiswick High Road, and comprising 126,000 square feet over five floors, is costing the asset-management buyer £71 million, in a deal that had attracted much interest from other investors, and which is £2 million over the original price asked by the seller, Schroders. QVC moved to the Media and Commerce Centre from a smaller premises in Battersea in June last year and the new building was fitted out by the contractor Mace.
Eugene O’Sullivan, of Morgan Pryce, notes that “This is a significant deal, which had lots of parties interested, and will be one of the most talked-about transactions of the year. QVC currently has a 21-year let of the building, which may also have been an attractive benefit to the buyer. The fact that the building was designed for QVC means that it is an ideal media centre and will be easy to let out in the future. Not many buildings in the capital have such a specific design and use, while being able to attract such large tenants.”
The remaining properties in Chiswick Park are owned by Blackstone.
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.