UK's GMG closes $32 mln purchase of Westminster office asset

GMG Real Estate, a UK-based property investment management firm, has purchased the freehold interest in 1-7 Old Queen Street, SW1, an office building in Westminster, central London.

Through its privately managed vehicle, GMG Real Estate, part of Geneva Management Group, bought the building from an undisclosed seller for a total purchase price of 24 million pounds ($32 million).

Constructed as a purpose-built office in 2006, the property, situated within meters of St James’s Park, comprises of 21,500 square feet across the garden level, ground, as well as six upper floors.

The building is currently let to the National Crime Agency, with vacant possession due in January 2021, following which GMG Real Estate will undertake full renovations.