RLAM buys City office block for £68m

Royal London Asset Management has completed the acquisition of the freehold for 10 Chiswell Street, EC1, for close to £68m. The building, located to the north of the City core overlooking the grounds of the Honourable Artillery Company, provides 58,000 sq ft of office space. It is let to five tenants including McLaren Construction, providing secure medium-term income and significant reversionary potential at forthcoming rent reviews. Will Hawking, senior asset manager at RLAM, said this latest purchase followed a “strong period of investment in central London” during 2019 from the firm, which spent £600m on investments. This included buying 25 Soho Square for £75.35m, 85-89 Southwark Street for £37.5m, and 15 Great Marlborough Street £73.20m. He added that RLAM “will be looking to build on this success into 2020”. To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette