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Land Securities boosts Bankside property portfolio

London SE1 website team

Bankside123 developer Land Securities has added to its property portfolio in the area with the £67 million purchase of a building in Park Street currently let to Lloyds TSB.

Contracts have been exchanged for the purchase of Red Lion Court in Park Street from Jesta Corporation for approximately 67 million.

The 128,324 sq ft office building is let to Lloyds TSB and currently produces rent of 4.3 million per annum.

Land Securities is currently developing Bankside1 on behalf of IPC Media and where it has planning consent for a further two commercial properties on the Bankside123 scheme in Southwark Street. The company is also preparing plans for a residential development on a site nearby (Bankside4) and will be developing some affordable housing at 20 Blackfriars Road.

Mike Hussey, Managing Director, London Portfolio at Land Securities, commented: "Red Lion Court provides stable and improving income off a sensible rental base of 34 per square foot and will benefit from our own and others' considerable investment into the Bankside area."

FPD Savills acted for the Jesta Corporation and Strutt & Parker acted for Land Securities.

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