The property development company lead by Mike Hussey, Almacantar, have purchased it’s third major London property in under one year, spending £110m on CAA House, and neighbouring 1 Kemble Street in Holborn WC2.
CAA House and 1 Kemble Street are inter-connected buildings with a combined 229,164sqft of floor space. Currently leased by the Civil Aviation Authority who pay a rental rate of £27.11 per square foot, totalling £6.2m per year, the buildings will remain freehold until 2019.
Mike Hussey told press, “We are delighted to have acquired CAA House and 1 Kemble Street. The properties are a good fit for our portfolio extending the timeline for our value-add activities to 2020. It is a location that we expect to perform strongly given its proximity to Covent Garden and the restricted supply of office space in the West End.”
Almacantar’s portfolio also includes Centre Point on Oxford Street and the Marble Arch Tower, which was bought for £80m. It’s thought that Almacanter still have £200m left in their budget, so stay tuned for more property developments over the next year.
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