Annual office investment in the Hammersmith submarket has surpassed £700m, ranking it among the top 10 of UK submarkets, according to CoStar’s latest data.
In December 2018, SRG Holding acquired 202 Hammersmith Road from Aberdeen Standard Investments. The 14,850 sq ft office block underwent an extensive refurbishment in 2017 prior to becoming the Victoria Beckham fashion brand’s head office from November 2017. The Dubai-based buyer paid £16.8m. Savills told CoStar that there was strong interest from both international and domestic capital in the asset. The price reflects a record capital value of £1,140 per sq ft in Hammersmith.
The sale pushed annual office sales volume in Hammersmith over £700m, 10th highest of all UK submarkets, and the highest outside of the central London submarkets.
CoStar Office Submarket Investment Rankings as of December 2018
The deal is the fifth largest in the submarket year-to-date, behind three £100m-plus sales. The largest was in March when The Mayor’s Office for Policing and Crime (MOPAC) acquired the Empress State Building on Lillie Road from Capital & Counties for £250m — the largest single-asset office sale in the submarket.
The second largest deal in the submarket was when Spelthorne Borough Council bought 12 Hammersmith Grove virtual freehold from U+I Group. The local authority paid £170m for the 171,500 sq ft office building which was built speculatively in 2016, and is now fully occupied by tenants including ANA Airlines, We Work, Medidata, Creative Arts Industry and Perform Media Group.
Please click here for the CoStar’s latest Hammersmith office submarket report. This article has bee reproduced with the kind permission of CoStar.
