UBS acquires London Southbank office asset for GBP28.4m
UBS Asset Management’s Global Real Estate (GRE) business has acquired India House, a corner office asset on London’s Southbank, for GBP28.4 million from LaSalle Investment Management.
Located on Curlew Street, in the heart of the Butler’s Wharf area of Southbank, India House is a 37,988 sq ft office development that was fully refurbished in 2000, transforming what was a former spice warehouse into a distinctive open-plan office scheme.
Fully let to six tenants, the property is spread across six floors and comprises a newly renovated reception area, flexible floor plates and on-site showering facilities.
Following significant investment over the past two decades, the regeneration of London’s Southbank precinct has established it as one of the city’s most dynamic commercial, residential and cultural destinations, attracting a number of major corporate occupiers. India House is close to Tower Bridge and the More London development, and a 10 minutes’ walk from London Bridge station. The surrounding area will be further enhanced by a number of high-profile developments currently underway.
The appeal of this Zone 1 riverside location resonates among occupiers from a diverse range of industries, with nearly 500,000 sq ft of take-up during the first half of 2016, and vacancy rates remaining extremely constrained at just 3 per cent.
Howard Meaney, head of Global Real Estate – UK, says: ”GRE has a strong track record of transacting London office assets, and this latest acquisition reaffirms our confidence in the strength and resilience of the market. India House represents a rare opportunity to gain meaningful access to one of London’s most exciting locations and to an asset currently being let at low rents and offering attractive growth prospects through effective asset management, the repositioning of the property itself, and the further regeneration of the surrounding area. Our investment comes at an opportune time of low vacancy rates for quality office space across the vibrant Southbank area, leaving us well placed to deliver significant value for clients through this acquisition.”
UBS-AM was advised by CBRE while LaSalle Investment Management was advised by John Miles and Company.