Nova Properties

Property Statistics As at 30 June 2024
Market Valuation
Market Valuation
S$664.3 million1,2,3,4
NLA
Total Net Lettable Area
0.3 million sq ft1
Commited Occupancy
Committed Occupancy
100.0%1
Net Property Income
JV Income
S$14.2 million5
Location Nova Estate, Buckingham Palace Road and Bressenden Place, London SW1
Ownership Interest 50.0%
Title Leasehold expiring on 27 April 3062
Purchase Price S$772.6 million6
Car Park Lots 20

Notes:

  1. Reflects Suntec REIT's interest in the property.
  2. Based on the valuation as at 31 December 2023.
  3. Based on exchange rate of £1.00 = S$1.6817 as at 31 December 2023.
  4. The valuation reflects the price that would be received from the sale of the investment property where the Purchaser’s cost (including stamp duty) is assumed to be 6.8%, in line with accounting standards. The valuation basedon the price that would be received for the sale of the special purpose vehicle holding the investment property where the Purchaser’s cost (excluding stamp duty) is assumed to be 1.8% is £414.4 million as of 31 Dec 23.
  5. Based on exchange rate of £1.00 = S$1.7049.
  6. Based on exchange rate of £$1.00 = S$1.7942 at the time of acquisition.

Nova Properties comprises two Grade A office buildings with ancillary retail. Completed in 2016 and 2017, the Nova Properties is the newest large scale addition to the West End.

The Nova Properties are situated in the heart of London and are near to key landmarks such as the Buckingham Palace, Westminster Abbey and the Houses of Parliament. The buildings are also situated opposite the Victoria Station, an important interchange for the London Underground network and Victoria Coach station. Victoria Station is also United Kingdom’s second busiest railway station with direct train linkage to Gatwick Airport.