Legal & General signs £17.5m deal on 14,538 sq ft Fitzrovia property

LGIM Real Assets, part of professional services firm Legal & General, has sold the long leasehold interest of a property in London’s Fitzrovia district for eight figures.

A private UK investor paid £17.5m for the long leasehold on 66 Newman Street, with property consultancy Colliers International advising Legal & General on the deal.

The building comprises 14,538 sq ft across its lower ground, ground and five upper floors.

Planning permission is in place for an additional floor and infill light wells, according to Legal & General.

Ahead of the sale, the firm said it stripped the building back to its shell condition to achieve the best value in the deal.

Dominic Amey, capital markets director at Colliers’ City-based office, said: “There are several major regeneration schemes underway in Fitzrovia that are driving a rapid transformation in the area.

“The sale of 66 Newman Street demonstrates the appetite for product from both investors and occupiers, many of whom are seeking creative modern spaces.”

He continued: “Legal & General has reacted to that demand and created an attractive starting point, bringing new life to this building.

“Both our City and West End capital markets teams worked with Legal & General in order to market the property as widely as possible and achieve best value for Legal & General.’’

The private purchaser was advised on the acquisition by London property consultants Simon Korn & Co.

Legal & General made the disposal on behalf of its UK Property Fund.