E&O buys RM101 mil London property in overseas debut
Malaysia’s premier lifestyle property development group Eastern & Oriental Berhad (E&O) has purchased Princes House, a prime free- hold office cum retail building in cen- tral London for £20.25 million (about RM100.91 million).
“A prominent neo-classical building called Princes House along Kingsway, the property will continue to be let for office use but offers E&O the oppor- tunity in the future to harness its redevelopment potential, subject to planning permission. This may include E&O branded serviced suites or resi- dential apartments which would find a ready rental and sale market given its proximity to the University of London, London School of Economics as well as the Inns of Court where student accommodation and legal offices are always in demand,” said E&O Managing Director, Datuk Terry Tham Ka Hon.
“Presently, a section of the property is already tenanted by a well-known retail brand and is immediately generating rental income,” he added. The purchase of Princes House will be funded by internal funds and bank borrowings. Constructed in the early 1920’s,
Princes House is a significant mixed-use building comprising approximately 46,087 sq ft of office and retail/showroom space. It is close to renowned London landmarks like Covent Garden, the Royal Opera House, famous hotels and theatres such as The Waldorf, The Savoy, the Theatre Royal, the Lyceum.
Theatre as well as the historic Inns of Court (Lincoln’s Inn, Inner Temple, Middle Temple and Gray’s Inn), the Roy- al Court of Justice and the Old Bailey.