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Follow on Google News | New West End Purchase by Lothbury for Major UK Pension FundBy: Lothbury Investment Management The office building is located at 6 Cavendish Place, close to both Crossrail and the Regent Street regeneration area, and is let to construction group Kier with 12 years remaining on the lease producing an annual rental income of £679,371. The rent, which is considered reversionary, is linked to RPI, in line with the retained client’s investment strategy, providing a high residual value and inflation proof income. The building comprises offices on six floors, totalling 12,882 sq ft (1,197 sq m). The vendor was a private investor. The Glasgow property is a funding by Lothbury at 235 – 241 Dumbarton Road initially agreed in September 2013. Purpose built and designed by Alumno Developments, the 174 bedroom student accommodation block, with a 4,300 sq ft retail unit on the ground floor, has been let to Derwent Housing Association, a nationwide housing association that operates a student accommodation arm, on a 21 year lease and will serve, principally, students at the University of Glasgow, which is in close proximity. Mike Toft, fund manager and director at Lothbury Investment Management, said: “The Cavendish Place property will raise this fund to over £250 million. It is a very good purchase in a prime London location that, with the arrival of Crossrail and improvements in Regent Street, will deliver an excellent return for the fund. “Glasgow has a full time student population of over 50,000 and a limited supply of purpose built accommodation, so the Dumbarton Road development offers a superb opportunity to capture the demand and deliver excellent returns.” Lothbury were represented by Cushman & Wakefield on the Cavendish Place property and Lawson & Partners on Dumbarton Road. End
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