The building is currently let to Blue Circle Industries and APL Group on leases that expire in 2014. The passing rent is £3,214,500 ($4.59 million) per annum, equating to £45.20 ($64.37)per sf.
The building is close to Victoria Station on the corner of Eccleston Square, with frontages onto both Belgrave Road and Gillingham Street. It comprises ground and six upper floors with basement parking for 55 cars.
Ian McBryde, director of commercial property at FISPAM says: 'This purchase is Friends Provident's second in the area this year, and increases its exposure to the growing Victoria office market. We are expecting good running yields and high rental growth before the first rent reviews in 2004.'Nelson Bakewell represented FISPAM and Franc Warwick acted for Portfolio Holdings.
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