A prime Soho office building in Golden Square has been sold for a Family Trust for £13.2m to Scottish Widows. The building had all it’s occupational income expiring in 2013.
Red Kite assisted by H2SO reported to the Family Trust on the capital expenditure that would be potentially required in 2013 to refurbish the building and the restrictions that it’s Grade 2 listing had on future redevelopment. On Red Kite’s advice a decision was made to take advantage of the current appetite for West End buildings and the lack of stock currently in the market.
The property was placed on the market through Lewis Ellis and Partners and H2SO. In a short and sharp marketing campaign before Christmas the property commanded over 50 viewings and 25 offers of interest. The purchaser Scottish Widows completed the purchase in 2 weeks.