British Land has announced that it has exchanged contracts for the sale of 39 Victoria Street, SW1 to Singaporean property company Ho Bee Land for a gross purchase price of £144m (net price of c. £139m 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 £40m 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. £6m per annum.
British Land said the transaction is in line with its capital recycling strategy and comes three months after the acquisition of One Sheldon Square at Paddington Central, where they are on site at 4 Kingdom Street and progressing plans to improve the public realm.
BLND : British Land sells 39 Victoria Street