Patrizia has sold the Coda Studios multi-let office campus in Fulham to Westmede Properties for an undisclosed price in an off-market deal.
The 65,000 sq ft gated community provides 56 self-contained private office suites ranging from 300 sq ft to 3,000 sq ft in addition to ancillary retail space on Munster Road.
Patrizia, which acquired the site in early 2019 from Columbia Threadneedle for close to £39m, had previously secured planning consent on part of the site and progressed a positive pre-application for residential conversion.
George Wise, head of investment at Westmede Properties, said: “This acquisition underlines our continued appetite for well-located assets with strong underlying fundamentals and future optionality. We remain confident in the long-term prospects of the London market.”
Ker Gilchrist, head of investment management UK at Patrizia, added: “This disposal reflects Patrizia’s active asset management approach, where we seek to enhance value through planning and repositioning initiatives and realise opportunities at the appropriate point in the business plan.”
Bray Fox Smith acted on behalf of Patrizia.