UND-Pilsa Blog

Vincent Tchenguiz of the Consensus Group has recently agreed to purchase for £200m the Standard Chartered building located in London at 1 Basinghall Avenue. The 200,000 square metre commercial building is currently possessed by a Middle Eastern Company who bought it for £120m back at the end of 2005.

The premises is currently on a lease of £10m per year. Formerly bought from the City of London Unit Trust, it then went through a £170m deal on sale and leaseback to the Sloan Capital company, a real estate development company working for the tycoons of the horse racing business.

This deal will be the first commercial deal of Vincent Tchenguiz since his purchase of the Rainlodge student hall in Leeds which he bought for £11m back in May of last year.

More businesses now however are looking to take out leases on the work places they require rather than the rising costs of buying them. A lot of companies have even decided to rent office space and desk space. Many areas such as Manchester with declining office rentals are finding the demand in desk rental a boost to their rental income. For more info on desk space Manchester, click here.