Nelson Bakewell - Offices Sale - London WC1E, Gower Street

Date: 13 Aug 1999

In house clients of LaSalle Investment Management advised by Jones Lang LaSalle have purchased the leasehold interest in 66-72 Gower Street for a figure of £2,000,000 producing a net initial yield of 7% and an estimated reversionary yield of 12%.

The property is situated on the eastern side of the street close to the main campus areas of the University of London and University College London.

The property, which is of post war construction provides 7 stories of educational use accommodation totalling 1,813 sq m (19,520 sq ft). The property is let to University College London on a co-terminus lease and headlease expiring in June 2028. The current rent received is £ 150,000 per annum with an estimated rental value of approximately £255,000. The head rent is fixed at £250 per annum.

Nelson Bakewell acted on behalf of the vendors, Legal & General Assurance Society Limited.

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