Resolution sells West End office

Office design news from Morgan Lovell

Published on 28-05-2010

Resolution Properties has sold Paramount House on Wardour Street in London's West End.

An unnamed buyer purchased the property for £11.8 million, which in total offers 21,475 sq ft of office design and retail space.

At present, the property is let to ten tenants with a total income of £602,280 a year, with 3,660 sq ft of office space currently available at the site.

Existing leases expire in January 2012 and the firm will therefore be looking to renew contracts, as well as bringing in fresh clients to fill the remainder of the available office space.

The deal was completed earlier this week and Hanover Green advised Resolution on the sale.

Resolution was founded in 1998 and presently operates a property portfolio including The Quadrangle in London. The company recently completed a capital raising initiative that saw the firm boost its coffers by £600 million - funds that it plans to put towards further property development and acquisitions.

Posted by Ian Johnson.