The party has paid £5.5 million ($7.8 million) to buy out Collodian Investments' 141-year long leasehold interest in 11,325 sf of modernised offices at 16-18 Old Queen Street. At the same time it has paid a £125,000 ($177,500) premium to buy English Partnerships' 12-year occupational lease where the passing rent is £315,000 per annum.Tuckerman and Credo Property Group acted on behalf of Cullodian; Poulston Lees acted for the Labour Party and GVA Grimley acted for EP.

Mark Fisher, Director of Investment at Tuckerman said: 'It is an ideal headquarters building and an imaginative solution has been secured to provide vacant possession for the ideal occupier.''

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