Topland Group has announced three new office acquisitions in the last week totalling £30m.
Of those, the lead investment was 1-3 Upper James Street in Soho from Standard Life Investments for £25m. The 26,000 sq ft building is in the heart of Soho and is leased to restaurant Bob Bob Ricard on the ground floor and to Phonographic Performance on the upper floors off reversionary rents. The property, which overlooks Golden Square, was acquired in joint venture with Enstar Capital.
In addition, Topland has also acquired two buildings for circa £6.5m in Edinburgh and Reading, both leased to Citibase PLC.
The Edinburgh property is at 1-3 St Colme Street, a prime Grade 1 listed office building, and the Reading building is the 21,000 sq ft Wyvols Court on Basingstoke Road, Swallowfield. Both buildings are leased for a further eight years at circa £12 per sq ft.
Mark Kingston, managing director of Topland Group, said: “We are delighted to have secured these three buildings at this time in the market. We believe all three have reversionary rents and represent very good capital value with good asset management angles to add value in the future. We are continuing to look for further opportunities to add to our existing portfolio.”
JLL represented Standard Life Investments.