HIH Invest has acquired the office and commercial building 67-73 Chancery Lane in London for a special fund. The seller of the core property is a private foundation. The ensemble is a complete re-development or a new building from 2008 behind partially existing historic facades. The building was extensively renovated in 2024. The heritable building right contract for the property runs for another 175 years.
The building comprises 7,230 square metres of total lettable space, of which 5,325 square metres are office, 1,436 square metres are retail and 469 square metres are residential. The sole tenant of the office space is the infrastructure and environmental consulting company WSP UK, which has its British headquarters here. The lease runs until 2039 with an option to extend. The retail space is spread over seven units on the ground floor and partly in the basement. They are fully let, as are the nine residential units.
The property is centrally located between the West End and the City of London and has very good public transport connections. A few minutes' walk from Chancery Lane and Holborn tube stations, as well as Farringdon station.
Matthias Brodeßer, Head of Transaction Management Office International at HIH Invest, explains: "The purchase is taking place countercyclically in a market phase that offers attractive entry opportunities after lower prices. In addition to the high quality of the location and property, the decisive factor for us was the considerable potential for rent increases of the office and commercial building.
Martin Payne, Managing Director UK of HIH Invest, adds: "The transaction underlines the strength of our local network in a highly competitive market like London. Through our long-standing relationships and our continuous market presence on site, we were able to secure early access to this core property in Midtown. Especially in an environment of limited product availability, resilient deal sourcing is crucial in order to identify and successfully implement attractive opportunities for our investors."
Osborne Clarke from London was commissioned with the legal acquisition review, KPMG from Frankfurt am Main with the tax audit. The technical and ESG due diligence was carried out by Cushman & Wakefield from London.
The seller was advised by Boodle Hatfield and Knight Frank.
