International real estate advisor Savills, on behalf of UK REIT Picton, has sold Stanford Building for £34.5 million.
The building is located in a prominent Covent Garden position with triple aspect frontage onto Long Acre, Floral Street and Rose Street. It underwent comprehensive redevelopment in 2020, creating 20,500 sq ft of best-in-class retail and office workspace.
The ground-floor retail unit is currently leased to Lush, while the four upper floors fully let to Blackwood Recruitment, Medallia, and Picton.
Michael Morris, Chief Executive of Picton, commented: “This disposal of our largest office asset is consistent with our strategy of reducing exposure to this sector and recycling capital from lower-yielding assets. Since acquiring the building in 2010, we’ve completed a comprehensive program to reposition the asset, add value and improve its sustainability credentials.”
CBRE acted for the Purchaser.
