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Sinarmas Land buys freehold commercial building in London for £188.6m
MAINBOARD-LISTED Sinarmas Land said on Monday it has completed the acquisition of 33 Horseferry Road, a freehold prime commercial building in London, for a net consideration of £188.6 million (S$337.9 million).
The building is located in Victoria, one of Central London's principal commercial and residential districts. It has a net leasable area of 180,600 square feet, which comprise 163,761 square feet of Grade A office accommodation arranged over lower ground, ground and five upper floors. All the office floors are serviced by a main central core, complemented by two additional east and west cores, allowing easily divisible floors.
On the ground floor, the building has 16,839 square-foot retail space spread across 10 units, with a 150-metre frontage to Horseferry Road. In addition, there are 16 covered car-parking spaces and bike storage facilities.
The office space is let entirely to the UK government's Secretary of State for Transport with a weighted average lease expiry of about 17 years.
The retail accommodation is fully leased to tenants including National Westminster Bank, Pret A Manger, William Hills and Starbucks.
All leases are operating on conditions that state that the tenant will undertake the full repairing and insuring obligation, relieving the landlord from all liability for the cost of insurances and repairs.