BDC

Savills Investment Management sells 33 Gracechurch Street for £75 million

A fund managed by Savills Investment Management (“Savills IM”), the international real estate investment manager, has sold the property at 33 Gracechurch Street, a prominent Grade II listed building on the junction with Lombard Street in the City of London, for £75.1.

The building was originally acquired by the fund on behalf of a syndicate of high net worth individuals through Société Générale

Nick Hayward, Director of Institutional Business at Savills IM, commented:

“The fund bought a core city office building that offered a combination of attractive income and asset management opportunities which we have successfully completed. Currently we believe there are very favourable occupational market dynamics, and this asset, let to five office tenants and one retail tenant, is evidence of this.”

The property, in a prime location between the Bank of England and Lloyds of London, was comprehensively refurbished and extended in 2007 and offers 107,062 sq ft of Grade A office, retail and ancillary accommodation.

Savills advised the seller on the transaction, with Westminster Real Estate Limited acquiring on behalf of an Asian client, represented by Cushman & Wakefield.

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BDC 305 Jun 2023