Valuation advice for acquisition purposes
In September 2009 Cluttons advised KG Allgemeine Leasing GmbH & Co (KGAL) on the purchase of an office investment in the heart of the South Bank area, one of central London’s emerging centres for commercial property, residential accommodation and culture.
The building is an eight storey mixed use development which was completed in 2008 and comprises 51,000 sq ft. It is let to Hyde Housing Association Ltd at a rent equating to £42.50 per sq ft on a lease expiring in 2028.
In our role as independent valuer, we provided: a market valuation, which was in the region of £31 million; full commentary on the local market, rents and investment market in central London; and an interpretation of the rent review clause and it effect on rental value.
We worked closely with the fund’s purchasing agent and lawyers and delivered our report within eight days of being instructed.
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