COMMERCIAL PROPERTY | Staff Reporter, Singapore

CDL buys London commercial building for $328m

They have obtained planning consent to develop a commercial gym in the basement.

City Developments Limited (CDL) acquired Aldgate House for $328m (£183m) which is a prime freehold Grade A commercial building in London, an announcement revealed.

“We see tremendous potential in this prime commercial building and we continue to believe that London will remain as a global financial hub,” CDL Group CIO Frank Khoo said. “The vibrant Aldgate district is home to major occupiers from a diverse sector base including financial, fintech, insurance, legal, cultural and creative companies.”

The project is bounded by Aldgate High Street, Middlesex Street and St Botolph Street in London and enjoys transportation connectivity as it is a mere five-minute walk to six underground stations including Aldgate East, Fenchurch Street, Liverpool Street, Tower Gateway, Tower Hill and Whitechapel.

“We can refurbish office spaces to increase the rental and convert unused areas to provide additional facilities such as a restaurant,” Khoo noted. “Planning consent has also been obtained for the creation of additional massing at the basement for a commercial gym.”

The CIO added that the firm will continue to eye for opportunities in the UK to boost income.

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