The LBS Real Estate Investment Fund has marked its first transaction with the £7.1m purchase of a 14,000 sq ft office building in Bloomsbury.
LBS Properties plans to undertake a full internal and external refurbishment of 107 Grays Inn Road (pictured above) —which is multi-tenanted and spans five floors — with work expected to complete in Q1 2020.
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“We will undertake a comprehensive refurbishment, delivering prime office space that will appeal to the area’s increasingly diverse tenant base, which includes professional services, TMT and legal firms,” commented Nick Crawford, managing director at LBS Properties.
“There is a continually improving food, beverage and retail offering in the area, making it an attractive destination for occupiers.”
Nick explained that the new fund would continue to seek opportunities where it could leverage its development and asset management expertise to “add value in a relatively short space of time” by refurbishing and repositioning buildings that benefit from good fundamentals.