Thu, 23 Feb 2012 | COMMERCIAL PROPERTY
A landmark office building in Southampton has gone up for sale.
The Andover Advertiser reports that the freehold of Skandia House is on the market for almost £30 million. The commercial property was purpose-built for financial services firm Skandia and has now been put up for sale at £28.5 million by owner, Legal & General.
The building was completed in 1990 and bought by Legal & General in 2009 for £21.3 million. Whoever buys the seven-storey property will be able to make around £2 million annually in rent, which equates to £19 per square foot. This should be secure for at least the next 15 years. Skandia Life Business Services, which rents the building, recently extended its tenancy of the offices, according to the report.
Property agents Jones Lang Lasalle have called Skandia House “one of Southampton’s finest office buildings”. If a sale is agreed it will be the biggest office deal Southampton has seen since the council purchased Guildhall Square for £25 million in April 2010.
Another big deal took place last year when Pall Europe bought Marine House in Portsmouth for around £20 million.
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