LandSec offloads City properties

Land Securities has sold 110 Cannon Street and Martin House in the City of London to the Universities Superannuation Scheme (USS) for about £48.5m. A major 73,000 sq ft refurbishment that is scheduled for completion next spring is in the preliminary stages at 110 Cannon Street. Martin House is behind 110 Cannon Street, and it is fully let to five tenants.

Robert Noel, LandSec’s London portfolio managing director, commented on “real momentum in the London market” as it moved into supply-constrained conditions. “Our early-mover advantage in bringing forward potential developments is giving us plenty of opportunity to create value.”

“As with the sale of Park House, W1, last year, we will recycle the proceeds into other opportunities such as at 30 Old Bailey and 60 Ludgate Hill, EC4, where we received planning permission earlier this month for a 375,000 sq ft redevelopment aimed for completion by December 2013,” he said. Knight Frank acted for USS.