UK architect TP Bennett has bought 59.5 Southwark Street, a vacant office, from the City of London Corporation for £13.52 million, reflecting £439 per square foot.
Prominently located on the corner of Southwark Street and Southwark Bridge Road and five minutes’ walk from Borough station, it comprises 30,827 square feet of office accommodation arranged over lower ground, ground and three upper floors, and was sold with full vacant possession.
It is thought that the architect has bought the building for its own occupation. That would follow the successful acquisition and then sale and leaseback of its current headquarters at 1 America Street in Southwark. It bought the building in 2005 for £11 million and then carried out a sale-and-leaseback in 2014 to Abrdn for £30 million. It occupies 35,000 square feet at the building.
Previous tenant London Councils has taken a lease at 12 Arthur Street in the City.
USP advised TP Bennett. CBRE advised the City of London Corporation.