Avanta to expand portfolio - commercial mortgages

06 February 2007

Serviced office company Avanta is set to double its number of commercial properties during the next two years, which may be of interest to those considering taking out commercial mortgages.

The group, which has recently taken out commercial mortgages in three West End locations, has a portfolio which includes properties on Victoria Street, Great Titchfield Street, Margaret Street and Old Hammersmith Grove.

It is now "actively seeking" a further 100,000 sq ft of office space within London''s prime locations.

The expansion involves a partnership with developers and landlords to adopt a turnover rent system, with landlords leasing space at a discount of market prices in return for a share of the turnover.

Managing director David Alberto said: "We''ve enjoyed rapid growth since opening our first London-serviced office less than two years ago and now believe we are in a strong position to capitalise on the occupier demand for unbranded, competitively-priced, flexible business space."

Meanwhile, Evans Randall, the private investment bank, has joined German firm IVG in the acquisition of the Gherkin, the £630 million Swiss Re Tower at 30 St Mary Axe.