ABTA, Newman Street – Sale
Cyril Leonard was pleased to advise ABTA, the association of travel agents and tour operators, in the disposal of its freehold interest in its former offices at 68-71 Newman Street, London W1 to pension fund clients of CBRE Investment Management as a significant development opportunity.
Prior to conducting the sale process Cyril Leonard worked closely with Gaunt Francis Architects to evaluate development options on the expiry of the occupational lease to Buro Happold in March 2024. We concluded the most viable option was the extensive refurbishment of the existing building together with an upward extension to provide 2 new floors together with terraces on 3 floors. This option would result in an increase in the net lettable floor area by 25%. Plans and supporting information were then prepared for a Pre Planning Application .
The opportunity to obtain planning consent and implement the development on lease expiry helped generate significant interest with over 45 inspections resulting and a subsequent competitive bidding process enabling us to achieve a price for ABTA significantly in excess of our asking price of £18.14m.
Sale proceeds will be used by ABTA to provide additional services and support to members as the travel industry continues to suffer from the fall-out of COVID.
Andrew Hogge / Mark Harrison
Capital & Occupational Markets