Cushman & Wakefield brings 123 Buckingham Palace Road to market

6 Jun, 2006, London

PA Consulting Group is to sell and leaseback its London HQ at 123 Buckingham Palace Road, London W1 and is seeking offers of over £175 million through its property adviser Cushman & Wakefield.

The leading management, systems and technology consulting firm bought the 194,000 sq ft building in October 1999 and it now occupies around half of the space for its global headquarters. Additional tenants include The First Secretary of State (The Highways Agency), BskyB and Korn/Ferry International Ltd. The building generates a rent roll approximately £9,518,500 and the proposed minimum sale price would represent a net initial yield in excess of 5.25%.

PA Consulting Group has decided to sell the building to take advantage of a buoyant property investment market. It will take a new 20 year lease on the space it occupies at a rent of £50 sq ft on best.

Neil Gorman, head of global real estate, PA Consulting Group, said: "We have taken the strategic decision to sell our property asset in order to reinvest capital into developing new business in new markets."

Andrew Thomas, partner in central London , Cushman & Wakefield said: "This is one of the best buildings in Victoria, which though 15 years old, still offers maximum flexibility to the corporate occupier."

The sale process conducted by Cushman & Wakefield will be managed completely online via a dedicated portal. Expressions of interest should be directed to andrew.thomas@eur.cushwake.com

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