International real estate developer HB Reavis bought the freehold interest in 61 Southwark Street from Aberdeen Asset Management for £44 million.
Aberdeen has recently been granted planning permission for the comprehensive refurbishment and extension of the existing building to provide 7,100 sq m of office space. HB Reavis intend to commence the scheme immediately working in conjunction with Tate Hindle Architects, who have recently completed the transformation of a 1960’s office block into the third and largest space of the Gagosian Gallery.
The scheme in Southwark Street will extend the existing building adding additional floor space, terraces on the two top floors, and a new self-contained unit on Great Guildford Street.
"This is our third acquisition in Central London, showing our commitment to careful site selection in locations with limited supply and a diverse tenant base. We buy into areas which will benefit from genuine regeneration through improved access to public transport and local amenities. This will continue to drive tenant demand in these central locations", commented Tomas Jurdak, Managing Director of HB Reavis UK.
Colliers International advised Aberdeen Asset Management and Knight Frank advised HB Reavis on the acquisition.
This acquisition follows the successful purchases of 20 Farringdon Street, a 7,500 sq m office scheme and HB Reavis’ first UK development at 33 King William Street, a new 21,000 sq m Grade A office building.
