LBS PROPERTIES SECURES BLOOMSBURY OFFICE FOR DEVELOPMENT AS PART OF NEW FUND LAUNCH

10/10/2019

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.”

It has come to our attention that certain individuals are falsely claiming to represent LBS Properties Limited, using identity to falsely obtain goods or services from third parties. These fraudsters may be soliciting credit or other financial transactions under our name. We advise that any request for credit or advance payment of goods or services made on behalf of LBS Properties Limited be treated with suspicion unless confirmed directly through the official contact details provided on this website. We strongly encourage you to contact us immediately if you are approached with any such requests. LBS Properties Limited fully rejects any liability for losses, damages, or fraudulent activity that may arise from interactions with fraudsters.

X