JLL advised on the disposal of Winchester House

JLL acted on the disposal of Winchester House to Castleforge Partners and Gamuda Berhad.

The asset sits on a 1.5-acre freehold site, strategically situated in the Core of the City of London and adjacent to Liverpool Street and provides an existing net internal area of 317,518 sq ft.

The property is currently let to Deutsche Bank on a lease due to expire in October 2024, when the bank is set to move to its new London headquarters at 21 Moorfields.

Winchester House is one of the most unique and high-profile development opportunities in Central London over the last five years, with the opportunity to deliver a scheme of more than 500,000 sq ft.

The development opportunity responds to growing occupier and investor demand for sustainable high quality office space. The potential redevelopment offers all the hallmarks to deliver on the Net Zero Carbon agenda and achieve the highest sustainability credentials such as BREEAM ‘Outstanding’ and WELL Platinum.

James Ritchie, Associate Director - Central London Capital Markets at JLL said, “The disposal of Winchester House further underpins the attractiveness of London to international investors and developers, despite the recent challenges in the economic environment, investor demand to deliver new best in class office space in Crossrail locations remains strong.

The sale produced strong investor interest, having received multiple proposals from established global investors and developers, which is testament to the asset’s strong underlying fundamentals and ability to develop a new best in class office building.”

JLL forecasts that falling inflation and more stable interest rates as the year progresses will support greater confidence, with transactional activity building to more typical levels in the second half of the year.