Developer Hines has confirmed the purchase of the Chichester House office building in the Midtown area of London for £26m
Hines plans to redevelop the 70,000 sq ft (6,503 sq m) building in High Holborn. There is potential to knock down the 1960s office and retail block and create a larger development with Prupim’s neighbouring Princeton House.
The building was bought from GE Real Estate subsidiary Bishopswood Properties, which was advised by Orchard Street Management and Jones Lang LaSalle. It has been bought for the Hines European Development Fund II.
Andrew Reynolds, director of Hines, said: ‘High Holborn is prime commercial territory where new levels of rents are being achieved. This site offers enormous potential to redevelop and we are delighted to have secured this opportunity in a strongly competitive London marketplace.’