CIBSE acquires new Farringdon HQ in move to Central London.
The Chartered Institution of Building Services Engineers (CIBSE) has purchased 91-94 Saffron Hill EC1N, a 16,608 sq ft office building in the City of London, from 1908 Property Holdings Limited for £7.55 million.
91-94 Saffron Hill is arranged over lower ground, ground and three upper floors. CIBSE will take vacant possession as owner-occupier of the second and third floors for its new central London headquarters, with the building also offering additional income through the ground and lower ground floors being subject to a short-term sale and leaseback to the vendor, and the first floor being let to Gamcare, which has opted to extend its lease.
The vendor, 1908 Property Holdings Limited, a subsidiary of Dentists’ Provident, are an insurance specialist for the dental profession, were advised by Tuckerman Commercial. Dentists’ Provident will relocate to their new HQ at Holyer House, 20-21 Red Lion Court, EC4 towards the end of the year.
Allsop advised CIBSE on the acquisition of its new Central London office through its specialist City Investment team.
Philip Martin, Director (Investment) at Tuckerman, said: “CIBSE’s decision to relocate from Balham to Central London and Dentists’ Providents’ decision to remain close to the City reaffirms the importance of companies targeting locations that benefit from numerous amenities and transport links.”
For further information please contact Philip Martin.
