New City Court in St Thomas' Street has been acquired by Great Portland Estates for £43 million. Its current tenants include the Body Shop.
The Fordgate Group of Companies has disposed of the freehold 1980s building comprising 98,500 sq ft of air-conditioned office accommodation. It is multi-let to 7 tenants on institutional leases, predominantly to 2011; tenants include the global headquarters of the Body Shop, British Airways, Pitney Bowes, Tindall Riley Marine and Greater London Enterprise.
"New City Court provides the group with a significant holding opposite a major transport interchange, in a rapidly improving area of London," says chief executive Toby Courtauld. " It produces a healthy running yield, off low rents, with plenty of asset management opportunities."
Last November GPE acquired a site on Blackfriars Road for £11 million. It also has holdings in Tooley Street and Shand Street.