Paris, 19 October 2023 - La Française Real Estate Managers (REM), acting on behalf of two collective real estate investment vehicles, has acquired from Grosvenor’s UK Property business a corporate headquarters office building, located in exclusive Belgravia at 10 Ebury Bridge Road in London (SW1 8PZ).
A short walk from Victoria Station and Sloane Square, the building is located in a mixed-use neighborhood, characterized by a blend of office, Regency and Georgian-style townhouses, apartment buildings, high-end retail and green garden squares.
Designed by leading London architects Rolfe Judd, the office building was originally constructed in 1992 and provides 62,587 sq. ft. of flexible office and ancillary accommodation arranged over Lower Ground, Ground and six upper floors.Located on a virtual island site, the property is one of the very few self-contained headquarters office buildings (with shower facilities, a staff canteen, an electric vehicle charging station, gated bicycle spaces) in the Victoria submarket. The building is fully let under a 15-year lease expiring in 2038 to an Italian multinational energy provider as their long-standing London headquarters for what has been over thirty years.
The building benefits from 3.6 metre slab to slab heights and largely column free floor plates. These features align with contemporary occupier demands. The office space also enjoys good natural light from all sides with views across London on the upper floors, in addition to a large central atrium which provides landscaped courtyards at ground and lower ground-floor levels, offering external amenity space for occupiers. Refurbishment works, due to be completed imminently, have been undertaken by the tenant to enhance the sustainability credentials of the buildings (Energy Performance Certificate Rating of C, compliant with the compulsory 2025 deadline) and to elevate the quality of the workspace to meet current occupier demands.
Peter Balfour, Head of Real Estate UK for La Française Real Estate Managers said, “As one of the few self-contained headquarters office buildings in Belgravia, the rarity factor, as well as the strong covenant, long unexpired lease term and potential for conversion to other commercial uses, should sustain the long-term value of the investment. Furthermore, as our first acquisition in the West End of London, the asset is complementary to our existing London portfolio.”
La Française Real Estate Managers was advised by RX London, Ashurst on legal, tax and financial aspects and CS2 on technical and environmental due diligence. The vendor, Grosvenor, was advised by JLL.