Indian real estate firm acquires Strand building
Indian real estate developer ABIL group has acquired a retail and office building at 5 Strand in central London from Blackrock property fund for more than £90m.
The acquisition is the developer’s first investment in the UK, according to real estate firm Savills, which acted on ABIL’s behalf in the purchase.
The 72,359 square foot (sqft) building is let to Westminster City Council and Boots. The property was marketed with plans designed by Adjaye Associates for a 200-room hotel scheme along with planning consent for a new 152,400 sqft development. The development plans include 61,670 sqft of office space, 5,376 sqft of retail space and 38,941 sqft of luxury residential accommodation.