15. August 2012 
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LGP acquires Bechtel House in Hammersmith for £42.25m
Legal & General Property (LGP), on behalf of its Managed Fund, has acquired the freehold interest in Bechtel House, 245 Hammersmith Road, from CBRE SPUK III Limited for £42.25 million, reflecting a net initial yield of 9.8%.
Situated in the centre of Hammersmith, in the core office location and close to the main transport hub, Bechtel House is a headquarters office building and provides 164,343 sq ft over ground and eight upper floors. The asset is currently let in its entirety to Bechtel Limited on a lease expiring in 2014. The construction engineering company has occupied the building since it was developed in the early 1980s and currently pays a passing rent of £4,382,954 per annum. Undertenants include Accor UK Business & Leisure Hotels Limited, UK Channel Management Limited and Virgin Media Limited.
Tudor Toone acted for LGP and CBRE acted for CBRE SPUK III Limited.
Previously Standard Life Investments sold the freehold of Bechtel House, Hammersmith, to DB Real Estate for £52.8 million, reflecting an initial yield of 7.1%, back in May 2004.
Situated in the centre of Hammersmith, in the core office location and close to the main transport hub, Bechtel House is a headquarters office building and provides 164,343 sq ft over ground and eight upper floors. The asset is currently let in its entirety to Bechtel Limited on a lease expiring in 2014. The construction engineering company has occupied the building since it was developed in the early 1980s and currently pays a passing rent of £4,382,954 per annum. Undertenants include Accor UK Business & Leisure Hotels Limited, UK Channel Management Limited and Virgin Media Limited.
Tudor Toone acted for LGP and CBRE acted for CBRE SPUK III Limited.
Previously Standard Life Investments sold the freehold of Bechtel House, Hammersmith, to DB Real Estate for £52.8 million, reflecting an initial yield of 7.1%, back in May 2004.
