INDUSTRY NEWS

Firms complete £19.5m London offices as part of joint venture

Real estate company, Mitsui Fudosan UK, and property developer, Stanhope, have completed the acquisition of London office space.

As part of the joint venture (90 per cent/10 per cent), the firms have purchased property located at 70 Mark Lane for around £19.5 million.

The building has already been granted planning permission for the construction of a glass-curtain-wall building – totalling 16 storeys; the cost of this redevelopment is expected to come in at £100 million.

Redevelopment of the building is set to provide office space completed to a high specification standard – whilst also featuring energy efficiency measures. A BRE Environmental Assessment Method (BREEAM) of “excellent” is also being targeted.

Once completed, the offices at 70 Mark Lane are expected to provide spectacular views of capital landmarks, such as Tower Bridge and the Tower of London.

This latest acquisition is the second piece of London property purchased by Mitsui Fudosan in as many months – the previous being property at 8-10 Moorgate.

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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