Oval Real Estate set for £35m Midtown office buy

Property investor Oval Real Estate is poised to buy Dorset Rise, the office block home to the Royal Television Society just off Fleet Street, EC4, for just over £35m. Contracts are due to be exchanged as soon as next week, EG understands, with Columbia Threadneedle selling the building on behalf of Swiss insurance giant Zurich. The eight-storey office block is due to become vacant in September 2023, with current tenants also including law firm Hewitsons and listed private healthcare provider Spire. Columbia Threadneedle had initially hoped to rake in more than £39m from the property, but Oval’s offer of less than £35.5m is expected to be accepted imminently. The deal comes amid a slow start to 2021 in the London office investment market, with only a handful of transactions having gone through since the new year. Multiple agency sources have even complained of becoming “bored” amid the sluggish environment throughout January, despite a spike in deals towards the end of last year. But Dorset Rise, which contains 51,800 sq ft of office space, is thought to have been an attractive option after having undergone a £5m refurbishment programme since 2012. Michael Elliott, which advised on the sale, declined to comment. Columbia Threadneedle and Oval Real Estate also declined to comment. To send feedback, e-mail alex.daniel@egi.co.uk or tweet @alexmdaniel or @estatesgazette Photo © Michael Elliott