commercial property lambert smith hampton

News - 10/06/2013

£4.2m offices to become London biosciences hub

Lambert Smith Hampton (LSH) has acted on behalf of five charitable societies in the £4.2m purchase of 107 Grays Inn Road, London, WC1, set to become a new biosciences hub.

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The purchasers are the Society of Biology, Biochemical Society, British Ecological Society, the Society for Experimental Biology and the Society for General Microbiology. The group will refurbish and occupy the 9,034 sq ft office building, creating a central hub to advance biosciences and support those working in the sector.

An expansion of Midtown property portfolio

The purchase represents an expansion of the societies’ property portfolio in the Midtown area of central London. In 2010 LSH also acquired the nearby 18,000 sq ft Charles Darwin House, the societies’ BREEAM award-winning headquarters.

LSH secured purchase before brought to market

David Earle, Head of central London Office Agency at LSH, commented: “The Midtown area of central London is a popular location for universities and scientific establishments. The property presented a rare freehold purchase opportunity for our clients in a very competitive office market that has seen an increase in take-up with an eroding supply of existing stock. Through our knowledge of the central London office sector, we acquired the property before it was brought to market.”

A complex deal with five buyers

David added: “The deal was complex as we had five individual clients, and the need to act quickly and diligently in an active market was crucial to the success of this acquisition.”

The vendor was represented by Michael Blair & Co and David Menzies Associates.

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