Award-winning London developer and asset manager LBS Properties has completed on the purchase of 107 Grays Inn Road, a 14,000 sq ft multi-tenanted office building in Bloomsbury, for £7.1m.
The acquisition marks the first transaction for the new Guernsey-based LBS Real Estate Investment Fund, to which LBS Properties is sole Property Advisor. The new fund’s strategy is to invest in value-add commercial opportunities across London.
LBS Properties plans to undertake a full internal and external refurbishment of the building, which spans five floors, with work due to complete in Q1 2020. Located in what is known as London’s ‘Midtown’, 107 Grays Inn road enjoys a good location within a ten minute walk of Farringdon, Chancery Lane and Russell Square stations, while also being less than a mile from Kings Cross.
Nick Crawford, Managing Director of LBS Properties, comment: “This marks a significant acquisition in the Midtown area, which is currently suffering from a record low of quality new office supply coming to market. We will undertake a comprehensive refurbishment, delivering prime office space that will appeal to the area’s increasingly diverse tenant base which includes professional services, TMT and legal firms. There is a continually improving food, beverage and retail offering in the area, making it an attractive destination for occupiers.”
“The new Fund will continue to seek opportunities where we can leverage our development and asset management expertise to add value in a relatively short space of time by refurbishing and repositioning buildings that benefit from good fundamentals.”