June 2007

Widows lines up London investment double

In a second London purchase, Scottish Widows has bought 7-11 Herbrand Street in Bloomsbury from Rob Greacen's Draco Property for £43m. Draco bought the 65,000 sq ft, grade II-listed property, for £28m just over a year ago.

The property, which is a converted Bentley car showroom, is let to advertising agency McCann-Erickson as its headquarters.

John Miles & Co acted for Draco; Cushman & Wakefield advised Scottish Widows, but declined to comment.

And Dracos off at Newbury

Draco has obtained planning permission to regenerate a long-vacant site in the centre of Newbury, Berkshire, into 72 private residential and affordable housing units.

The scheme features a new pedestrian link from the Town Centre to the previously landlocked site, which lies behind Northbrook Street and next to the Bayer office campus, bought by Draco in 2005

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