John Lim Family Office Buys London Office Bldg For US$30 million.
UNITED KINGDOM – John Lim Family Office’s property investment division, The Land Managers, has purchased an office property in London for US$30 million, reported The Edge on Thursday afternoon (6 October, SGT).
Known as 6 Cavendish Place, the 5-storey office block has a leasehold tenure of 972 years and measures 12,880 sq ft. Apart from having rectangular floor plates and a terrace, the commercial property features floor-to-ceiling heights with full exterior glazing.
At present, the office building is under a master lease to a national construction firm for another 4 years, providing secure cash flow to the new office landlord.
Moreover, 6 Cavendish Place underwent several rounds of asset enhancement initiatives (AEI) to provide occupants with a modern high-quality workspace. The recent upgrade happened in 2020.
The commercial property is situated in London’s West End in the prime Marylebone area between Regent Street and the Harley Street Medical Area, where there is robust demand for office space and limited supply of such assets.
The John Lim Family Office said Marylebone is one of Central London’s most prime office submarkets and it commands one of the most expensive office rents in the vicinity, with prime rents in the area remaining stable amidst the limited supply of good-quality office space.
The acquisition of 6 Cavendish Place is expected to be concluded by the last quarter of this year. Upon completion, the commercial property will be overseen by Highbridge Estates, a UK-based asset manager with more than 3 decades of experience in Central London’s office sector.
“This is a landmark acquisition for us as it is our first direct acquisition in the UK,” commented Andy Lim, Chief Executive of the John Lim Family Office.
“We are confident that focusing on well-located prime commercial assets in London is a prudent strategy despite the short-term challenges of the UK economy,” added Lim, who is the Co-Founder and Deputy Chairman of ARA Asset Management.
