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Tuesday, April 24, 2012

E&O buys UK property

Developer acquires Princes House in central London for RM100.9mil

PETALING JAYA: Lifestyle property developer Eastern & Oriental Bhd (E&O) has agreed to acquire its first major overseas property, a prime freehold office-cum-retail building in central London, for £20.25mil or about RM100.91mil.

The property, Princes House, commands a prime position on the west side of Kingsway in the heart of London's Midtown.

Tham: ‘The property will continue to be let for office use but offers E&O the opportunity in the future to harness its redevelopment potential.’

“A prominent neo-classical building called Princes House along Kingsway, the property will continue to be let for office use but offers E&O the opportunity in the future to harness its redevelopment potential, subject to planning permission,” said E&O managing director Datuk Terry Tham Ka Hon.

“This may include E&O branded serviced suites or residential apartments which would find a ready rental and sale market, given its proximity to the University of London, London School of Economics as well as the Inns of Court where student accommodation and legal offices are always in demand,” he added.

It is close to London landmarks like Covent Garden, the Royal Opera House, famous hotels and theatres such as The Waldorf, The Savoy, the Theatre Royal and the Lyceum Theatre. Princes House is also located close to the historic Inns of Court, the Royal Court of Justice and the Old Bailey.

Other notable establishments in the vicinity include the London School of Economics, corporate offices of Goldman Sachs, British American Tobacco, Deloitte and BBC.

Princes House enjoys excellent accessibility via two principal road connections being the High Holborn at the north and Strand from the south, which makes two principal road connections between the city and the west end.

Additionally, it is within nine minutes' walk from six major underground lines the Central, Piccadilly, Circle, District, Northern and Bakerloo lines. The upcoming Crossrail link through Tottenham Court Road station is expected to further enhance the quality of accessibility to the area.

Constructed in the early 1920s, the Princes House is a mixed-use building comprising about 46,087 sq ft of office and retail space.

A section of the property is already rented out to a well-known retail brand and is immediately generating rental income.

The purchase will be funded by internal funds and bank borrowings.

By The Star

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