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Benchmark Sells 87.8-M Pounds of Offices

LONDON-Specialist central London investment and development company Benchmark Group has concluded three property investment sales in central London totalling pounds 87.8 million ($143.1 million)

By Charlie Jacoby | Updated on July 10, 2003

Benchmark has disposed of three London properties. The freehold interest in Landmark House, Hammersmith Bridge Road, W6, owned in a 50/50 joint venture between Benchmark and JER Partners has been sold to a private overseas investor for £32 million ($52). The property is an office building of 90,000 sf and is let in its entirety to Diageo PLC for a term expiring 24 March 2012 at a passing rent of £2.6 million ($4.2) a year. Strutt & Parker acted for Benchmark and DTZ and Knight Frank for the purchaser.

The freehold interest in Buchanan House, 3 St James’s Square, SW1, owned by the WEL Property Limited Partnership which is majority owned by the West End of London Property Unit Trust in which Benchmark has an effective current interest of 55.3% has been sold to a private property company for £36 million ($58.6). The property is an office building of 53,000 sq ft and is let in its entirety to a wholly owned subsidiary of Diageo Plc for a term expiring on 23 June 2014 at a passing rent of £2.5 million ($4.1 million) per annum. Michael Elliot acted for Benchmark and Stiles Harold Williams for the purchaser.

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