INDUSTRY NEWS

Catalyst Capital sells Midtown London offices and retail amenities

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European real estate investment company Catalyst Capital has announced the sale of a two properties composed of London offices and  space for retail amenities.

It’s agreed a deal worth £32.45 million with the City of London Corporation to sell 30-34 New Bridge Street and 35-38 New Bridge Street, both of which are situated in the Midtown district.

The property at 30-34 New Bridge Street features 35,392 sq ft of office and retail space, as well as ancillary accommodation. Built behind a period façade, it was reconstructed during the 1980s. Its office space is currently used by Macintyre Hudson LLP, whilst the retail units are occupied by Sainsburys, El Vino and Starbucks.

Slightly smaller in size, 35-38 New Bridge Street provides 27,063 sq ft of office, retail and ancillary accommodation space and was also constructed during the 1980s. It recently underwent a refurbishment in 2012.

Commenting in light of its purchase, chairman of the City of London Corporation’s property investment board, Michael Cassidy, said: “These two properties are located near the recently refurbished London Blackfriars station, which will be an increasingly important gateway to the City as the Thameslink Upgrade Programme is completed.

A partner at Catalyst, Guy Wilson, stated: “New Bridge Street follows our strategy in central London of buying properties that offer the potential for value enhancement through asset management initiatives.”

By: Kirsty MacGregor

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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