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Value of London Fire Brigade HQ jumps from 50m to 90m

The freehold of the London Fire Brigade headquarters in Union Street has changed hands for £90 million.

Value of London Fire Brigade HQ jumps from 50m to 90m
The Queen at 169 Union Street in 2008

TH Real Estate has bought the building at 169 Union Street from Zeno Capital on behalf of the Henderson UK Property OEIC.

The deal puts a 90 million price tag on the site, just three and a half years since the same property was valued at 50.5 million.

Last year the London Fire & Emergency Planning Authority said that it was looking at alternative locations for its headquarters as it is facing a rent review this autumn.

The fire brigade moved in to the former Royal Mail parcels sorting office in 2008.

"Our strategy has been to increase the fund's exposure to Central London," said Marcus Langlands Pearce, co-manager of the Henderson UK Property OEIC.

The offices at 169 Union Street provide a defensive and liquid core freehold asset, with strong rental growth potential.

"Southwark is well positioned for significant rental growth, as demand is now considerably outstripping supply, meaning that available space is now the lowest across all Central London office sub markets."

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