An overseas trust has purchased the long leasehold interest in 24 Chiswell Street, London, EC1 for in excess of £45m.
Stenprop had placed the 76,465 sq ft multi-let office investment onto the market seeking offers in the region of £45m but following substantial interest, a price in excess was agreed.
24 Chiswell Street occupies a highly prominent site in Central London with exceptional views over The Honourable Artillery Company’s playing fields. Chiswell Street is located in the centre of one of the most exciting areas of Central London close to Finsbury Square, Old Street Roundabout and The Broadgate Estate which has seen the completion of some notable new developments recently and the influx of some notable occupiers including Linklater’s, Slaughter & May, Google, Bloomberry and Invesco.
The building was constructed in 1989 and comprises D1 accommodation on the lower ground and ground floor with offices on the 9 upper floors. The accommodation is multi-let to 10 tenants including The Royal Bank of Scotland, Omnilife Insurance Company Limited, Czarnikow Group and Tesco Stores Limited.
The entire building generates an annual income of £2,857,311 (£37.18 per sq ft) and is held on a virtual freehold.
Jonathan Gilbert of acquiring agents, Hartnell Taylor Cook LLP said: “This prominent office building offers our clients many opportunities including the restructuring of leases to enhance the rental income, potential refurbishment opportunity as floors become vacant as well as repositioning the building. It is in an area where demand from occupiers has remained strong with a rental increase as a consequence and therefore this is a very exciting proposition for our clients.”
Hartnell Taylor Cook LLP advised the purchaser and DTZ advised the vendor.
