- Andrew Lloyd-Webber Really Useful Group buys Covent Garden building
Date: 03 Aug 2016
The Food and Drink Federation, advised by Gerald Eve, has sold 6 Catherine Street in Covent Garden to Andrew Lloyd-Webber's The Really Useful Group for £14.75 million (£1,420 per sq ft).
The 10,400 sq ft building - which is adjacent to The Really Useful Group's Theatre Royal, Drury Lane - has been acquired with vacant possession.
Sophie Dickens, partner at Gerald Eve, said: "Situated directly adjacent to the Theatre Royal, 6 Catherine Street is an excellent purchase for The Really Useful Group, while also giving The Food and Drink Federation the opportunity to free up the capital held in the property. The deal highlights the ongoing appeal to investors of the right buildings in the right locations."
The deal follows eight people joining Gerald Eve's existing West End agency business as part of its recent acquisition, with a further 28 arrivals split between the firm's capital markets, lease advisory, lease exit and industrial teams.
Stephen Peers, partner at Gerald Eve, added: "When you join a new firm it's important to get those first deals under your belt and closing this transaction is testament to our smooth transition in to Gerald Eve. We are up, running and the strength in depth delivered by combining these established businesses is immediately tangible."
Gerald Eve acted on behalf of The Food & Drink Federation, while CBRE represented The Really Useful Group.