International real estate advisor Savills, acting on behalf of UK REIT Picton, has completed the sale of the Stanford Building in Covent Garden for £34.5 million.
Situated in a prime location with frontages onto Long Acre, Floral Street, and Rose Street, the Stanford Building offers a triple-aspect position in one of London’s most vibrant retail and office districts.
Originally acquired by Picton in 2010, the property underwent a comprehensive redevelopment in 2020, delivering 20,500 sq ft of high-quality retail and office accommodation. The ground floor is currently leased to Lush, while the four upper floors are fully let to Blackwood Recruitment, Medallia, and Picton itself.
Michael Morris, Chief Executive of Picton, said:
“This disposal of our largest office asset is consistent with our strategy of reducing exposure to this sector and recycling capital from lower-yielding assets. Since acquiring the building in 2010, we’ve completed a comprehensive program to reposition the asset, add value and improve its sustainability credentials.”
