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Prominent St James's Park property snapped up for £17.65m

Investment group Floreat Real Estate has announced that it has agreed to purchase Dacre House near St James’s Park, London from a private investor.

London-based Floreat, in partnership with commercial property refurbishers Arbrook Land, advised the Real Assets (RA) Global Opportunity Fund I on the £17.65m deal for the 16,8000 sq ft property at 19 Dacre Street.

The corner property is comprised of two retail units, with five floors of multi let offices dominated by principal tenant Colas Rail Limited, and sits close to Victoria Street.

Clive Thomas, Managing Director of Floreat Real Estate explained that the group has been attracted to the property due to retail and commercial developments in the area which they believe the property is well placed to take advantage of.

He said: “The micro and macro location is improving significantly with large scale developments attracting many well-known brands as tenants to the area. This building will benefit from the repositioning of the area.”

Tim Stotesbury, Director at Arbrook Land, added: “There is a shortage of small office floors throughout London and this is even more marked in the immediate locality where the majority of small space has been converted into residential apartments.

“We are delighted to be working with Floreat Real Estate on this exciting scheme.”

As part of the deal, Hartnell Taylor Cook advised Floreat and Alexander Reece Thomson advised the private vendor.

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