The 999 year leasehold interest in 120 New Cavendish Street has been acquired by the University of Westminster for £44 million. The 32,500 sq ft building constructed in the early 1990’s to a high specification currently provides multi let office space with some vacant space. The virtual freehold interest has been acquired from the Sports Direct Group who occupy the majority of the building and will continue to do so in the short term under licence. The University intend to take up occupation of the vacant space expanding into the building over time.
The purchase consolidates the University’s extensive New Cavendish Campus where they have been since the 1970’s complementing their sites in Regent Street, Marylebone Road and Harrow. The University now educates over 20,000 students from over 150 countries and this purchase will allow continued growth and reconfiguration of existing facilities as part of the University’s drive to improve their student and staff experience.
Geoff Petts, Vice Chancellor, the University of Westminster, said: “The purchase of 120 New Cavendish Street is part of the next phase of our growth as a leading London university and underlines our significant commitment to providing a first-class student and teaching experience. We are absolutely delighted to secure such a top location, which is ideally situated for our students and staff, as well as being within close proximity to our existing infrastructure and sites.”
The University was represented by Hanover Green on the purchase.