British Land has sold 39 Victoria Street, SW1 to Singaporean property company Ho Bee Land for a gross purchase price of £144 million (net price of c. £139 million after deduction of rent free top up).
Ho Bee Land is quoted on the mainboard of the Singapore Exchange and owns assets in London including 1 St Martin’s Le Grand, 60 St Martin’s Lane and Rose Court.
39 Victoria Street is a 10 storey office building, totalling 98,000 sq ft including retail space on the ground floor. It was acquired by British Land in 2009 for £40 million and was substantially refurbished in 2013. It is let in its entirety to The Corporate Officer of The House of Commons until September 2029 with a break in July 2026 at a total rent of c. £6 million per annum.
This transaction is in line with our capital recycling strategy and comes three months after the acquisition of One Sheldon Square at Paddington Central, where we are on site at 4 Kingdom Street and progressing our plans to improve the public realm.
Tim Roberts, Head of Offices at British Land, said:
“39 Victoria Street has been a good investment for us and is an excellent example of how we do business. Our refurbishment delivered a high quality building and attracted a high calibre occupier on a profitable lease. The timing of the disposal allows us to benefit from strong investment markets, and to allocate capital most appropriately across our business.”
Mayer Brown and Knight Frank acted for British Land.