Wainbridge Capital Limited has bought two West End office buildings for its Wainbridge Global Opportunity London fund for £9.25m from a private investor.
31-32 and 33-34 Alfred Place, close to Goodge Street and Tottenham Court Road underground stations, comprise 43,383 sq ft of low quality office space.
Wainbridge intends to secure a planning consent to demolish the existing buildings and replace them with a major office redevelopment that is better suited to occupiers’ needs.
The buildings are currently three quarters vacant and Wainbridge expects to secure vacant possession of the site in the coming weeks.
Rob Rackind, principal and co-founder, Wainbridge Limited, said:
“This is a fantastic opportunity to redevelop dated, but well located, office buildings to create the kind of Grade A product that is in limited supply in this market, and will only be in greater demand when Crossrail is completed.
“ This is the type of deal that plays to our strengths of extracting maximum value from properties by leveraging our asset management and development experience, and we are confident that our planned scheme will provide an excellent return for our investors.”
Michael Elliott acted for the purchaser, Jones Lang LaSalle acted for the vendor.
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