INDUSTRY NEWS

Allegra to purchase Facebook’s Covent Garden office space

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.