Mitsubishi Estate London launches sale of SW1 office building

Central London investor to dispose of 92,000 sq ft St James’s Park building.

Mitsubishi Estate London (“Mitsubishi”) has appointed Avison Young to oversee the sale of 70 Petty France, a 92,000 sq ft office building, close to St James’s Park.

The building has been owned by Mitsubishi for over a decade, during which time it has been occupied by Government departments including The Ministry of Justice and the Food Standards Agency.

With the UK Government’s lease due to expire later this year, the seven-storey building offers significant investment potential, via either refurbishment to take advantage of the buoyant SW1 office market, or via possible change of use to residential.

Dominic Amey, Managing Director London Markets at Avison Young, added: ‘’It’s rare to offer such a substantial, freehold property in St James’s Park, and I expect there to be interest from a variety of potential buyers including office and alternative use developers, or even owner occupiers. Professional studies have indicated the potential to add massing via additional floors and utilisation of external areas, it’s a really exciting opportunity in a market that is seeing substantial office rental growth and pre-leasing activity.”

Mitsubishi’s current development pipeline includes the nearby 1 Victoria Street, a 370,000 sq ft office development, 72 Upper Ground (former ITV Studios) site on the South Bank, which will offer 570,000 sq ft of office space, and their recently acquired 125 Shaftesbury Avenue, in the heart of the West End.