BNP Paribas Real Estate, on behalf of the Vendor, sold 28-30 Kirby Street, London EC1 off market to a Private Client of Strutt & Parker, for over £14 million, reflecting a net initial yield of circa 5.60%.
This recently completed prime Farringdon development, was pre-let let to Tesco’s Blinkbox on a ten year FRI lease, subject to tenants break in 2018.
The building is situated on the West side of Kirby Street parallel to Farringdon Road and Hatton Garden and was purchased in 2010. It has recently undergone a comprehensive refurbishment, including an impressive new façade, and extension to provide approximately 27,000 sq ft of Grade A office, residential and ancillary accommodation arranged over lower ground, ground and six upper floors. The residential units were sold off separately.
Phil Carlin, Managing Director, Seven Capital commented ‘It was not our intention to sell at this stage but with the excellent letting to Tesco’s and the current interest in Farringdon coupled with the lack of quality stock we understandably received a number of off market approaches we could not ignore. This has been a fantastic project from start to finish and we are actively looking for the next opportunity.
