Australian shopping centre group Westfield Coporation have sold their 8 floor London office space above Stratford City Mall for £70m.
The space was purchased by UK property investment managers, Tristan Capital Partners via their new Curzon Capital Partners IV fund. The Grade A building in Stratford place was developed in 2011 to coincide with the London Olympics, with the office space above the mall currently home to 3 companies.
Network Rail, London Legacy Development Corporation and Coral Racing occupy the office, which has approximately 129,000 sq. ft of space. The building has just over 1m sq. ft of building space total, with retail space occupying the majority.
The East London offices are a popular choice, with both Westfield’s London malls taking in upwards of £60m in last half of 2014. The area is also set to house an extra 5000 homes in the near future, with further growth in mall traffic expected as a result.
Tristan Capital’s managing director of investments, Peter Mather, said ‘Stratford is set to benefit from strong rental growth affecting most office locations across London, driven by limited Grade A supply, lack of speculative development and the erosion of existing stock through office-to-residential conversions.’
By: Kirsty MacGregor
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