Wainbridge Pays £9.25m for Two West End Office Rentals in WC1
Wainbridge has acquired 43,383 sq ft of West End office space on Alfred Place, WC1.
Alfred Place is located close to Goodge Street and Tottenham Court Road tube stations. The WC1 office space is spread across two leasehold properties at Nos. 31-32 and 33-34 Alfred Place.
The Bloomsbury office buildings were built in the 1950s and so have become outmoded and 75% of the property has remained vacant. However, Wainbridge has recognised the development potential that the combined site has to offer.
Having paid £9.25m for the development opportunity, Wainbridge will be seeking planning consent to demolish the buildings and replace them with a more contemporary design.
Wainbridge’s principal and co-founder Rob Rackind says: “This is a fantastic opportunity to redevelop dated, but well located, office buildings to create the kind of Grade A product that is in limited supply in this market, and will only be in greater demand when Crossrail is completed.”
Encouragingly, the demand for high quality West End office rentals has been supported by the limited supply of new build development activity.