X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-Rugby Estates, the central London property specialist, has spent £8 million ($12 million) on Westbourne House, a multi-let mixed-use property at 14-16 Westbourne Grove, London W2. The vendor was a private client of Citigroup Private Bank and the purchase price reflects a net initial yield of 6.84%.

Westbourne House provides 27,000 sf of office space and a 2,700-sf banking hall on ground and six upper floors. The property produces a current income of £584,000 ($905,000) per annum, averaging £19.90 ($31) per sf on the office space. Tenants include Barclays Bank, Bates Dorland and local and central government agencies.

Rugby property director Alex Wildman said: “The purchase of Westbourne House continues our strategy of acquiring mixed use buildings in vibrant and improving inner London locations.” Strutt & Parker acted for Rugby. The vendor was represented by CB Hillier Parker.

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
  • 1 free article* every 30 days across the ALM subscription network
  • 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 © 2021 ALM Media Properties, LLC. All Rights Reserved.