Standard Life’s Ealing Cross Sold For £37.5M
Benson Elliot and XLB Properties have exchanged to buy Standard Life Investment Funds’ 135,000 sq ft Ealing Cross office development at 78-79 Uxbridge Road for £37.5 million. The property is let to four tenants, including retail marketing group Dunnhumby which recently acquired 36,500 sq ft.
Bray Fox Smith, joint agents on the scheme with Montagu Evans, agreed a five-year lease to Dunnhumby at £25 per sq ft. Other occupiers include A2Dominion, Toluna Group and Red Bee Media. Benson Elliot and XLB Properties will undertake a refurbishment of the property, which is 30% vacant and has 42,700 sq ft of available space.
Standard Life speculatively developed the 135,639 sq ft, nine storey office scheme in 2009.
UK-based private equity real estate investor Benson Elliot is already pushing on with plans for a major regeneration of Ealing town centre.
In October of last year it bought the Arcadia site, a major part of a 2.8-acre island-block in the town centre from Grant Thornton receivers acting on behalf of Glenkerrin (UK) Limited.
The Ealing centre has around 50 shops with an annual rental income of £5m.
Benson Elliot has an established relationship with increasingly active South East developer/asset manager XLB.
Jones Lang LaSalle is advising Benson Elliot and XLB; CBRE is advising Standard Life Investments.
