Land Sec Flog Off 1 Wood Street

Land Sec Flog Off 1 Wood Street

Published on 06-07-2009 by Skyscrapernews.com
Continuing their recent trend of shedding property is Land Securities who this time have offloaded 1 Wood Street in the City of London, the recently completed headquarters of legal firm Eversheds.

Eversheds is currently paying for the privilege of occupying the 15,020 square metres of office space inside the building whilst also contained is 1,500 square metres of retail space that together with the office element of the scheme is generating an annual rental income of £8.4 million.

The purchaser of the building is Aerium who are acting on the instructions of their client, the Glenn Arrow UK Property Fund. They have shelled out £105.5 million for the 156 year long lease that Land Securities owned.

The terms of this lease include a ground rent of 10.85% of the overall total rent that anything on the plot generates leaving the leaseholder with £7.488 million representing a total annual yield on their investment of a fraction over 7%.

The sale for Land Securities comes hot on the heels of their offloading of Portman House on Oxford Street for £155 million. The extra £260 million should come in handy to help make a future rights issue a less pressing concern for shareholders and reduce the debts of the group further.

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