LONDON-Gerald Ronson's Heron International has sold a 55,720-sf long leasehold office investment in the St James's district of London's West End for £40 million ($70 million) to the Glasgow-based LNC Property Group.
The property at 16 St James's St., London SW1 totals 55,720-sf and provides five floors of office space, six flats and a bar and restaurant. The office space was recently redeveloped behind the existing facades and is let to tenants including Boeing and Accel Corporation.
The deal is LNC's first London purchase. Chief executive Ken McCullagh says: “This is the culmination of an 18-month search for a prime West End office investment. It offers opportunities to increase income and adds value at a time when anecdotal evidence points to a recovering occupational market.”
CB Richard Ellis acted for Heron International.
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