Ho Bee Land Invests £650m in Grade A London Property

Ho Bee Land Invests £650m In Grade A London Property


SINGAPORE – Recent news has revealed that Ho Bee Land has invested a massive £650m in a Grade A building in London. Ho Bee announced that it has purchased a freehold office building with 21 stories and a grade A office in the City of London.

Ho Bee Land is a property group, which revealed on Sunday that it purchased a freehold, and massive 21 stories Grade A office building in that part of the country. Sources have revealed that the company purchased it from its owner Frasia Properties Sarl for a whopping £650m million (about S $1.16 billion).

Frasia Properties Sarl, which is registered in Luxembourg, currently owns the property well known as Ropemaker Place. This is a 21 story Grade A building that consists of 602,000 square feet. The building occupies commercial space primarily.

Ropemaker Place currently holds a significant freehold island site measuring 1.37 acres (which is about half a hectare) in London. It is being said that the place that the building occupies is a rare one located in the core of the city.

Strategically, the building occupies the land and one, which can take benefit of the Crossrail, which will be completed by December this year. The routes against the building are sound and this will add more worth to the property as well. The Moorgate station is also quite close by to the property (just 200 meters away) and so is the Liverpool Street Station, which is the busiest transport hub in that part of the city. The Liverpool station is only 400 meters away.

News has it that the fact that Ho Bee Land has gone ahead with its decision to buy the property could become very beneficial for the company in the short and long run both because the property that it has acquired could benefit largely from the fact that there are too many stations encircling the route and this would add a lot of worth to the property itself.

The property, as of now, is multi-let and has an average lease of 10.5 years –till expiry and then 8.5 years to break option.

The building also offers a running yield of 4.68% and an annual rental income of £30.57 million. The office accommodation is 97.4%, which is huge and something that shows that the company can easily let this property out for office space rentals and benefit by in large from the big office rents that come. It is also being said that the company will be holding this property for the long term.

Ho Bee Land feels that the new property will help in streamlining its income in the years to come. With its latest investment, the company feels that there is a good chance that the company’s events will also be streamlined. While commenting on the company’s latest move, Chua Thian Poh, the CEO of the company, said that the acquisition will allow the company to ‘grow substantially’ and help in attaining a ‘sustainable re-current income base’.

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