Olswang has advised Quintain Estates & Development on its acquisition of the units in the Aldermary House Unit Trust, which owns the leasehold interest in Aldermary House, 10-15 Queen Street EC4, for £40.0 million in cash (before rental top-up adjustments).

The ten storey building is centrally located in the City of London opposite Bloomberg Place, the construction site of Bloomberg's new London headquarters, which is scheduled to open in September 2016 and will contain a new entrance to Bank Underground Station.

The rental income at Aldermary House, including top-ups, is approximately £2.5 million, representing a yield of 6.1%. The asset contains 61,990 sq ft of commercial space, of which 50,129 sq ft is office and 11,861 sq ft retail. 45,339 sq ft of the office space is let to 13 occupiers with a further 4,790 sq ft of recently refurbished space available to lease. The 11,861 sq ft of retail space is let to five tenants.

The Olswang team was led by Real Estate Partners Jonathan Lewis and Alan Karsberg, Corporate Partner Paul Blackmore and Tax Partner Graham Chase, supported by a wide team from around the firm. Jonathan Lewis commented: "Olswang are delighted to be able to help Quintain in its exciting programme to build a quality central London portfolio."