Drivers Jonas - London, Central House

Date: 06 Jan 2009

University College London (UCL) have successfully purchased the freehold office building at Central House, WC1 at a price of £12.5m from Scottish Widows Unit Funds Ltd. The Property is divided into two separate buildings namely, 14 Upper Woburn Place (Central House) and 10 Dukes Road to the rear.

Central House provides 39,376 sq ft of office accommodation over basement, ground and six upper floors and is currently multi-let to 10 tenants and a total passing rent of £793,623 (equating to £20 psf).

10 Dukes Road is vacant and provides a total of 993 sq ft of accommodation comprising offices at ground and basement and three floors of residential.

Colin Plank, Chief Estates Surveyor at UCL, said: "This was a key acquisition for UCL providing short term income and medium to long term occupational benefits."

Mike Jones, Partner at Drivers Jonas, advised UCL on this transaction. He said: "As retained advisers to UCL, this opportunistic purchase of Central House further consolidates their Core Estate."

The Property also has the benefit of a planning consent to extend the existing building to provide approximately 10,000 sq ft of additional office accommodation.

John Olney, Partner at Lewis Ellis, advised Scottish Widows on the disposal.

Central House

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