DTZ buys London office building

Office design news from Morgan Lovell

Published on 31-08-2010

Investor DTZ has purchased the leasehold of a property in London's West End for £31 million.

The Etoile Building offers 65,000 sq ft of office interior space and is currently let to a range of businesses, including PVM Oil Associates and Petrofac, Apollo Cinema and Tesco, Property Week reports.

Net rent for the property is £1.67 million per annum and the building's freehold is held by Crown Estates, although the leasehold is running for another 121 years.

Tony Brothwell, fund manager at DTZ, told the news provider: "We like mixed-use, multi-let properties in core locations. That's our preferred style of asset."

An unnamed Irish investor sold the building to DTZ after purchasing it in the first quarter of 2009 for £23 million, Property Week revealed.

The publication also recently reported that asset management company Real IS has purchased the 80,000 sq ft, six-storey office building at 21 Bloomsbury Street for £52 million.

Posted by Ian Johnson