London SE1 community website

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

London SE1 website team

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."

The SE1 website is supported by people like you
Related forum discussions
We are part of
Independent Community News Network
Email newsletter

For the latest local news and events direct to your inbox every Monday, you need our weekly email newsletter SE1 Direct.

Archive
News archive from February 1999 to January 2001
Got a story for us?
Contact us with your tip-offs and story ideas.