Office interior swap for London firms

Office design news from Morgan Lovell

Published on 07-01-2010

Bedford Estates and fund manager Threadneedle have carried out an office interior swap at premises on Tottenham Court Road in London.

The businesses have traded the freehold of 257/258 Tottenham Court Road and 1 Bedford Avenue for a 150-year geared lease over the combined interests at furniture store Heal's.

Mark de Rivaz, a director at Bedford Estates, said: "We have been looking to increase our ownership in Tottenham Court Road for some time and are delighted to have completed this deal with Threadneedle, which fits exactly into our long-term strategy."

The two companies are now set to work together to add value to the Grade II listed property at Heal's.

Elsewhere in the capital, property agency King Sturge recently predicted office rents in the City could rise significantly in the months ahead.

The company noted costs have fallen by between 30 and 40 per cent since the onset of the credit crisis and therefore there is massive room for growth now a recovery seems to be on the cards.

Posted by Adrian Norman.