Partner Article

UBS acquire former Southbank spice warehouse for £28m

The freehold of a former 1930s spice house that has since been converted to offices has been on the Southbank has been sold in a deal worth £28.4m.

The UBS Core Opportunities Fund has purchased the freehold for the India House building from LaSalle Investment Management, after the real estate manager embarked on refurbishment efforts at the building in the last two years.

The 37,988 sq ft property, which is currently fully let to six tenants, has had its reception entirely refurbished, while improvements to the building’s technology infrastructure have been carried out in an effort to make the building more appealing to potential buyers.

LaSalle also claim that the new owners have the option of adding an additional 4,600 sq ft floor to the building subject to planning consent.

Located on Curlew Street in Butler’s Wharf on the the Southbank, the area has benefitted significantly in recent years from regeneration and development in the nearby London Bridge area.

Shaun Reed, National Director, LaSalle Investment Management, said the property had attracted interest ‘several investors’ including foreign investors, institutional funds and property companies.

He added: “India House has outperformed both the IPD Index and the wider City office market, as a result of the proactive asset management programme we adopted which featured refurbishments, new lettings, renewals and rent reviews.

“It is now a high-quality, multi-let asset on the Southbank, which is a part of London that has benefited from significant regeneration and improved transport connections making it an increasingly popular and vibrant business hub.”

John Miles & Company acted for LaSalle; UBS was represented by CBRE.

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