Real estate development and investment company Ho Bee Land has purchased 1 St Martin’s Le Grand.
The Singaporean firm will pay £171 million for the offices in London, which were formerly used as the capital’s General Post Office.
Built in the late 1800s, the building underwent a redevelopment to bring it up to date in the late 1980s. It provides 276,792 sq ft of office space spread out over a total of eleven floors – a basement, ground floor level and nine upper floors.
One St Martin’s Le Grand is expected to provide a net yield of around 5.5 per cent, with a total annual rental of in excess of £9.9 million based on the amount Ho Bee paid for the building.
In a statement released on Friday (March 7), Ho Bee’s chairman and CEO, Chua Thian Poh, said: “The acquisition of 1 St Martin’s Le Grand is our second major office acquisition in the city of London, and shows our confidence in the London office market which is strengthening rapidly in tandem with the improving UK economy.
“The acquisition is part and parcel of the group’s continuing diversification overseas in times when the local market is facing very strong headwinds with limited investment opportunities,” Mr Thian Poh added.
By: <a href=”https://plus.google.com/u/0/101575211108522459712?rel=author”>Kirsty MacGregor</a>
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