Mitsubishi Estate London has put 92,000 sq ft office building 70 Petty France up for sale.
The building, which is located close to St James’s Park in London, has been owned by Mitsubishi for more than a decade, during which it has been occupied by government departments including the Ministry of Justice and the Food Standards Agency.
The government’s lease on the seven-storey building is due to expire later this year, which offers significant investment potential via either refurbishment of the existing office space or change of use to residential.
Dominic Amey, managing director London markets at Avison Young, which has been appointed to market the opportunity, said: ‘’It’s rare to offer such a substantial, freehold property in St James’s Park, and I expect there to be interest from a variety of potential buyers including office and alternative use developers, or even owner occupiers. Professional studies have indicated the potential to add massing via additional floors and utilisation of external areas, it’s a really exciting opportunity in a market that is seeing substantial office rental growth and pre-leasing activity.”
