Legal & General Property has completed the long leasehold sale of the upper floors of Dudley House, Southampton Street and 388/389 Strand, Central London, to The Stonehaven Group for 拢19 mln (鈧�25 mln).
Legal & General Property has completed the long leasehold sale of the upper floors of Dudley House, Southampton Street and 388/389 Strand, Central London, to The Stonehaven Group for 拢19 mln (鈧�25 mln).
The sale, made on behalf of L&G's client, Linked Pensions Fund, follows the completion of a number of asset management initiatives whereby LGP secured vacant possession of the upper floor office accommodation and obtained planning permission to change the use from office to residential.
The property now has consent to create 18 residential units. LGP retains the freehold and the ground floor of the property, which will be reconfigured to create 7,055 sq ft (655 m2) of new retail and leisure space.
'The disposal will now allow the Fund to focus on creating and letting the proposed reconfigured retail and leisure space on the ground floor which, once completed, will deliver strong income returns for the Fund,' said Will Edwards, Fund manager of the Linked Pensions Fund at LGP.
CBRE advised LGP on this transaction.
