Slaughter and May is advising Derwent London - acquisition of Aldgate Union
Slaughter and May is advising Derwent London on the acquisition of Aldgate Union, Whitechapel High Street, London E1 for £132 million.
Aldgate Union sits on a one acre site and comprises a substantial eight-storey office building totalling 255,000 sq. ft. over ground, seven upper floors and two lower ground floors. The property has typical Derwent London characteristics of generous floor to ceiling heights, good natural light and excellent transport connections as well as column free floor plates of circa 26,500 sq. ft. around a central atrium. It is located directly opposite Aldgate East underground station and close to Liverpool Street and Whitechapel Crossrail stations.
The property is currently occupied by RBS and was comprehensively refurbished in 2008.
John Burns, Chief Executive Officer, commented:
"We are delighted to have acquired a prominent property in this fast improving Whitechapel location which increases our Tech Belt holdings to 2.4 million sq. ft. Although soon to be vacant the building is in good condition and we expect to quickly re-let it on a multi-occupier basis after modest refurbishment. As with most of our recent purchases this property offers significant longer term regeneration opportunities and adds to our future development pipeline."