X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-Benchmark has added to its substantial central London portfolio with the £30 million ($44 million) purchase of Trevelyan House, 30 Great Peter Street, London SW1 from the Danish fund manager KP Fund.

Trevelyan House is located at the junction with Marsham Street, where the new Home Office is under construction. Constructed in 1985, it provides 60,000 sf of office space on eight floors. It is let to the UK government for 25.5 years from December 1985, and the June 2001 rent review was agreed at £2.415 million ($3.5 million) or £40.50 ($60) per sf per annum. Three government bodies occupy the building: The Office for Government Commerce, The Electoral Commission and the Health Development Agency.

The vendor has held the building since 1998. KP Fund is one of the largest property investors in Scandinavia, managing a life assurance fund and the pension fund for the municipal workers of Denmark.

Benchmark Chief Executive Nigel Kempner said: “Westminster has current significant potential due to the high level of government office requirements and limited supply of good quality office space. We are pleased to have acquired Trevelyan House, a quality property in the centre of Victoria, at an attractive yield of just under 8%.”

CB Hillier Parker advised Benchmark Group plc and Cushman & Wakefield Healey & Baker acted for KP.

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.