INDUSTRY NEWS

Allegra to purchase Facebook’s Covent Garden office space

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Allegra European Holdings is set to purchase Covent Garden office space which houses Facebook’s London headquarters.

The Spanish property firm has already exchanged contracts to buy Seven Dials Warehouse, a source has told Reuters. The purchase will apparently cost Allegra around £60 million.

A Grade II listed building, it also features an Urban Outfitters store and a restaurant, as well as Facebook’s  – which only recently made the move – headquarters.

Seven Dials Warehouse is currently owned by a Luxembourg-based firm. Facebook sub-leases the office space it occupies from Expedia.com. The social media giant is thought to pay around £2 million per year in rent for their spot at the building.

Reuters has reported that the building’s entire rent value is £3.6 million – a yield of 5.5 per cent.

When the deal does go through,  Seven Dials Warehouse will join a long line of London offices purchased by Allegra. Previous purchases include an office block located on King William Street.

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.

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