The Chartered Institution of Building Services Engineers (CIBSE) has purchased the 16,608 sq ft 91-94 Saffron Hill office building in the City of London from 1908 Property Holdings for £7.55m for its new HQ.
The building is arranged over lower ground, ground and three upper floors and CIBSE will take vacant possession as owner-occupier of the second and third floors.
The building also offers additional income through the ground and lower ground floors, which are let to Dentists’ Provident and Gamcare – the latter has just opted to extend its lease.
Ruth Carter, CEO of CIBSE, said: “When we think about CIBSE being insightful, leading and challenging, this is the perfect building to embody that vision. This is a building that CIBSE can be proud of.”
Chris Room, partner, City investment, at Allsop, which advised CIBSE on the acquisition and the disposal of its long-term HQ in Balhsm earlier this year, said: “CIBSE’s decision to relocate from its long-term home in Balham – which it occupied for 45 years – to central London reaffirms the importance of excellently located workplaces that benefit from numerous amenities on the doorstep.
“This acquisition by an owner-occupier is further confirmation that the City and its fringes remain very attractive areas to work, and therefore invest in, for owner-occupiers and investors alike.”
