Canada Life Investments, advised by Tim Warren from the central London markets team and Bob Maxted Jones on the lease advisory side, has sold 14 Great Peter Street, SW1, in Westminster for £32,400,000. This reflects a net initial yield of approximately 3.6%.
How we helped
Cluttons was initially instructed by the owners to renegotiate the lease terms on the property. After successfully agreeing on new terms, Cluttons was appointed by the client to advise on the sale of the 30,132 sq ft office building, which has views over the Houses of Parliament and Westminster Abbey. The pre-sale lease negotiation improved marketability, helping the client achieve a premium, in addition to the sale price.
The Arts Council of England, which has occupied the building since 1990, will be moving out to join other government orientated occupiers at 21 Bloomsbury Street.
We received interest from a variety of investors and end users including owner occupiers, office refurbishment specialists, educational users, aged living providers and those driven by the office to residential conversion trend which continues in Westminster.