Boultbee LDN Capital, the property development and investment company, has acquired an office building in Kingston Upon Thames for £8.25 million on behalf of its joint venture with a group of private investors. The transaction forms part of an ongoing pipeline of London-located income and value-add office projects that Boultbee is currently working on.
The JV has acquired the freehold of Drapers Court from South Thames Colleges Group, who will vacate the 50% of the building they occupied over a 12-month period. The building has a net internal area (NIA) of 32,447 sq ft over six floors and is centrally located on Kingston Hall Road. Simon Hosking, Boultbee LDN Managing Director, said: “Drapers Court provides a significant investment opportunity in the Kingston market, which benefits from its close proximity to London and excellent public transport connections. We will commence a major refurbishment of the building in the New Year, to provide high-quality, design-led and well-configured office space, aimed at leading South West London occupiers.” Sean Dempsey, Director of Asset Management, said: “Grade A office space is very much in demand at present and yet extremely limited in supply within the central Kingston area. Drapers Court will be fully refurbished on a phased basis, to provide multiple floors of approximately 5,500 sq ft. That is an ideal size for a wide range of high-quality occupiers seeking between 5,000 and 15,000 sq ft.” Somerford Real Estate acted on behalf of Boultbee LDN with Bircroft Private advising on funding. Tunstall Real Estate provided acquisition and refurbishment finance for the office refurbishment project. BNP Paribas Real Estate advised South Thames Colleges Group.
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