Hartnell Taylor Cook LLP acting on behalf of a Middle Eastern client, has sold the virtual freehold of a diverse mix use investment at 9 – 16 Empire Square and 36 Long Lane, Borough, London SE1, for £7.25 million to a private pension fund.
Empire Square comprises the ground floor commercial elements of a major award winning residential scheme of 517 apartments constructed in 2007 by Berkeley Homes. The subject property comprises a supermarket, crèche/nursery, gym and office with a total area of 25,337 sq ft arranged mainly over the ground floor.
The property is prominently located with extensive frontages both to Long Lane and Tabard Street with access provided on both frontages. The investment comprises a Tesco Supermarket, a Soho Gym, a day nursery let to Bright Horizon Family Solutions and offices let to Gilbert Ash Limited and generates an annual income of £386,500 per annum. The property is held on a 999 year peppercorn lease, granted in January 2003.
Jonathan Gilbert of selling agents Hartnell Taylor Cook LLP said: “The tenancies have approximately 10 years to expiry and therefore the investment offers the purchaser a secure short term investment with the opportunity through active asset management to increase the rental income. The building is located in a vibrant part of south east London and growing in popularity.”
Hartnell Taylor Cook LLP represented the vendors and Bob Mitchell advised the purchaser.
