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LONDON-Lend Lease and City and Provincial have bought 10 Furnival Street, EC4–part of the former patent Office–for £12.5 million ($18.125 million). The site has planning consent for a refurbishment and extension, which will increase the lettable area from 88,000 sf to 111,000 sf. The project is expected to cost around £15 million ($21.75 million)

Ilaria del Beato, senior vice president of capital transactions for Lend Lease Real Estate Investments, says: ‘The property offers the opportunity of delivering high-grade modern office accommodation into a market where supply continues to be restricted, and demand comes from local, City and West End tenants attracted by rents which are substantially discounted to the City and West End markets.’

The Australian property giant has bought the scheme for its Lend Lease Global Properties fund, a Luxembourg-registered SICAF specialising in opportunistic investments. The same fund financed Tishman International’s Hayes Park business park development near Heathrow Airport, which is shortly to be sold following the completion of the lettings programme.

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