Estates Gazette • 15 February 2025 • News

Investor and asset manager Addington is under offer to acquire Legal & General and Dutch pension fund PGGM’s long leasehold in a City office block after a deal to sell the asset fell through last year.

It has made an offer to acquire Senator House, a six-storey, 192,566 sq ft grade-A office building at 85 Queen Victoria Street, EC4, for around £70m from a joint venture between L&G and PGGM.

This would be lower than the £93m the JV paid investor Angelo Gordon for the asset in 2015 and much lower than what the asset traded for around 20 years ago when it was acquired by Consensus Business Group from Challenger International for £300m.

However, the price tag is roughly the same that Art-Invest had offered for the asset at the beginning of last year. That deal never closed.

Estates Gazette reported that the owners were preparing to bring the asset back to market at the end of last year.

Market sources have said the deal is an indicator that sentiment towards investment in London offices is improving after a lacklustre couple of years.

According to Knight Frank’s recent The London Series report, around £5bn has been set aside by institutional investors looking to invest in core office assets in the capital (see p23).

An earlier outlook by Savills also pointed to offices in core locations in Central London and regional cities as a top investment pick for the year, with annual expected returns rising to around 10%.

Rosethorn makes offer for £100m PBSA scheme

Rosethorn Capital Partners is under offer to acquire CLS Holdings’ Spring Mews student accommodation site in Vauxhall, SE11, which was being marketed for offers above £100m.

The 393-bed property, at 10 Tinworth Street is equipped with amenities including a study room, gym, swimming pool, cycle store and cinema room.

Rosethorn was launched by Stephen Rigby, who was a founder and chief investment officer at Student Roost.

The investor has a joint venture with Cadillac Fairview-backed Long Harbour, aiming to target existing assets and new developments in the UK’s major university towns and cities. It expects to build a portfolio of up to 10,000 beds over the next five to seven years.

Long Harbour’s residential management platform, Way of Life, will manage the properties.

The site is currently managed by Watkin Jones’ operating platform, Fresh. It was flagged for sale in CLS Holdings’ 2023 annual results, when the listed company said it was looking to sell six other properties with a book value of £172.7m.

CLS said it was planning to sell the assets to reduce its LTV. The site is being marketed for sale by JLL.

Suffolk logistics and R&D hub approved

Chancerygate has been given the go-ahead to bring forward a grade-A urban logistics, research and development space in Newmarket, Suffolk.

Nucleus will comprise 10 facilities ranging from 3,595 sq ft to 6,685 sq ft on a leasehold and freehold basis. The development sits on a 2.48-acre site which formerly housed an electronics and displays manufacturer.

The scheme will be constructed from high-performance building materials to reduce CO2 emissions. It is targeting EPC A and BREEAM Excellent ratings.

Peel reveals plans for UK’s first floating padel courts

Peel is planning to submit proposals for the UK’s first floating padel courts and clubhouse at its Liverpool Waters scheme. The developer has partnered with a team of international experts to bring the scheme forward. The proposed sports facility will sit within Princes Dock at Liverpool Waters and will feature three floating padel courts, a floating clubhouse and decked seating area. A planning decision is expected in spring, with an anticipated opening date late summer.