Singapore’s Ho Bee Land puts Southwark’s Rose Court up for sale for £100m
Singaporean investor Ho Bee Land has put a government office building on the south bank up for sale with a price tag of £98m.
The company has hired agents at Savills to sell Rose Court, three years after buying the building for around £67m from Scottish Widows Investment Partnership.
The site, next to Southwark Bridge, once housed the first theatre to stage one of Shakespeare’s plays and is close to the Globe theatre and the Tate Modern.
It is let to the Secretary of State for Communities and Local Government until September next year, when the lease expires and generates around £4.3m of annual passing rent.
Savills associate director Ed Nicholson said: “The option to fully refurbish or redevelop the offices at the expiry of the current lease could include the addition of two floors for office or residential use, subject to planning. We therefore anticipate a wealth of interest from a wide variety of buyers.”
Ho Bee Land has snapped up a number of buildings in the capital to diversify its portfolio and reduce its exposure to volatile markets in Asia.
Over the last year it has bought 39 Victoria Street for £144m from British Land, and Shard developer Irvine Sellar’s headquarters at 110 Park Street in Mayfair, acquired for £46m from Aberdeen Asset Management.
It also owns 1 St Martin’s Le Grand in the City and 60 St Martin’s Lane in Covent Garden.