The National Farmers Union Mutual Insurance Society Ltd (NFU Mutual) has bought an office building in Maple Street and intends to refurbish it to maximise income potential.
Marketed as the “Old Fire Station” by Colliers International on behalf of Aberdeen Asset Management, the building which extends north to Midford Place includes basement, ground and three upper floors totalling 18,699 sq ft (1,737.2 sq m) and was put up for sale freehold for offers in excess of £18 million. NFU Mutual paid £21.6 million and were represented by Springer Nicolas & DTZ, it was announced this week.
“4-8 Maple Street was built in the early 20th Century and part refurbished and redeveloped in 1999. The building incorporates cast-iron steel columns and steel beams with an attractive aesthetic barrel vaulted brick ceiling at ground floor,” said Colliers.
David Hidderley, NFU Mutual, commented: “Following recent purchases in Shoreditch and Farringdon we are delighted to have secured the Old Fire Station, Maple Street. With Fitzrovia office void rates at historically low levels of 3.0 percent we see strong potential for rental growth and future performance. We will be undertaking an extensive refurbishment to capitalise on the growing Fitzrovia occupier demand.”