X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-CLS Holdings has returned to the UK market after concentrating for the past three years on Scandinavia and France. The week after chief executive Glyn Hirsch announced his resignation, the company has completed the purchase of an office block with development potential at 200 Great Dover Street, SE1.

The 36,345 sf building, at the junction with Borough High Street and directly opposite the entrance to Borough underground station, lies close to the proposed 1,000-ft Southwark Tower development where CLS has a 33% stake alongside Irvine Sellars. It is let to Conoco for 32 years from 1979, expiring in June 2011 with a rent review in June 2004. The current rent is £725,000 ($1.07 million) per annum, which equates to approximately £19.95 ($29.33) per sf.

CLS believes the property, which occupies a large site, has the potential for redevelopment with up to 80,000 sf of offices. Executive chairman Sten Mortstedt, said: ‘This acquisition marks our return to buying in the UK after three busy years expanding in Europe. Decreasing interest rates have made the UK market more attractive and we are now actively looking for further acquisitions within Greater London’

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.