Commercial Finance Specialists

London & Stamford has sold No. 1 Whitehall Riverside for a considerable profit.

Guernsey-based property investment group London & Stamford has sold a prime commercial development in Leeds to NFU Mutual Insurance for £51.3 million.

The sale price for No. 1 Whitehall Riverside represents a 36 per cent profit for London & Stamford after the property investment firm acquired it nine months ago from Henderson New Star Asset Management for £37.6 million.

Completed in April 2006, the 129,514 sq ft prime office building is multi-let to seven tenants, including Cobbett's, Mellon Analytical Solutions, Europe and Grant Thornton UK.

Speaking to Reuters, Execution Noble analyst Michael Burt commented: "Just when you thought that the listed sector had turned its back on disposals, London & Stamford has announced a significantly accretive disposal of one of its 2009 purchases."

London & Stamford recently announced the acquisition of a national distribution centre in Tamworth, a 584,632 sq ft unit let to Focus DIY for the next 14 years, for £33.3 million.