INDUSTRY NEWS

SWIP Property Trust buys office in London’s West End

SWIP Property Trust has bought the long leasehold of 3-8 Whitehall Place.

The trust, managed by Aberdeen Asset Management paid £65.5m for the secure government-let investment.

The London office is let to the Department of Energy and Climate Change (DECC) until 2029, with a break in 2021.

Rent on the office is currently £3.6m per annum, but is due to be reviewed in December 2016, with guaranteed rental uplift at the following review in 2019 to reach a minimum of £4.8m per year.

Aberdeen Asset Management fund manager, James McLean, said SWIP Property Trust were delighted to have acquired Whitehall Place.

McLean added: “The Grade A office building was substantially refurbished in 2004 and has excellent rental growth prospects of an overall passing rent of £38 per sq ft.”

3-8 Whitehall Place is a Grade II listed building which was built as an extension to 55 Whitehall.

Built by the Ministry of Works in 1952, the office is building is five storeys high.

Renovated in 2004, the original front of the building was retained and restored. During this renovation, additional sixth and seventh floors were built behind the original parapet, and a small atrium also inserted.

In 2005 the renovation of the building received the RICS Award for sustainability.

By: Kirsty MacGregor

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