08 Apr 2021
We are pleased to have completed an acquisition due diligence building survey on behalf of a private family office in connection with their purchase of 124 Theobald’s Road, London WC1.
Formerly known as Mercury House, 124 Theobald’s Road is a detached prominent ten storey office building arranged over lower ground, ground and eight upper floors extending to approximately 127,000 sq ft GIA. The property is predominantly occupied by Mediacom, a subsidiary of advertising giant WPP, whose lease expires in late 2022.
The sale of this large high profile building represents a significant purchase transaction in the offices market, which has been substantially affected by the current Covid-19 lockdown. Our reporting advised the Client on numerous future refurbishment and asset management strategies which we look forward to working with them to implement.
Working with the purchaser’s agent Dan Drury of DJD Real Estate, Ian Golbourn, Partner of Levy Real Estate, who undertook the acquisition survey says: “I am thrilled that Levy Real Estate were tasked with providing the pre-acquisition due diligence on this Landmark Central London asset, which offers the purchaser excellent future repositioning prospects. To have secured a fantastic instruction such as this, on a major office building during the pandemic is especially pleasing”.