The Weekly Wrap
81 GRACECHURCH STREET, EC3 – FULLY LET!
recent letting and renewal on the 4th and 1st floors, respectively, at 81
Gracechurch Street, Newton Perkins have now also let the 3rd floor, comprising
3,159 sq ft of high quality refurbished office accommodation.
programme of works to the vacant office floors and building reception, Newton
Perkins quickly identified suitable tenants and managed to secure swift deals,
minimising potential void periods for its client.
The building is
now fully let, with the tenants enjoying its enviable City Core location,
overlooking the amenities of the iconic Leadenhall market.
queries, please contact Jamie Nurcombe on 0207 456 0712.
NEW INSTRUCTION ON 25 BASINGHALL ST, EC2V 5HA
delighted to announce that we have a new Instruction available on Woolgate
Exchange, 25 Basinghall St, EC2V 5HA, opposite the iconic Guildhall - 5,815 sq
enquiries please contact Jamie Nurcombe 0207 456 0712 or Alistair Porter 0207 456 0707.
SOUTH KOREANS INVEST £3bn IN CITY OF LONDON!
suggests that South Korean investment is expected to top £3 billion in The City
of London. This is the highest volume of Korean investment into the
property market recorded in London. During 2018, there have been four
transactions totalling £1.95 billion, plus a number of other buildings under
offer. Recent transactions include KB Securities acquisition of 1 Cabot Square,
E14 and Industrial Bank of Korea’s acquisition of One Poultry for around £182
investment adds to the ongoing investor demand coming from Asia,
currently accounting for c.60% of all investment into the City of London
– a total of £4.77bn. Besides South Korea, other investors from Japan,
Singapore, Malaysia and Hong Kong are looking to invest in the capital.
remain key players in the market having now acquired 17 buildings in 2018,
according to sources. The National Pension Service of Korea (NPS) invested in
Goldman Sachs’s new HQ at Plumtree Court, EC4 for £1.6bn which reflected the
single largest transaction of the year to date.
have also reportedly been more active in the market in 2018, albeit at the
smaller end of spectrum. A total of 38 buildings have been acquired by UK
investors, double the number of transactions than their Asian competitors. In
total UK buyers still only account for 18% of investment into London, with all
but eight of the 38 buildings acquired selling for £50 million or less.
investment in 2018 stands at 7.92bn which is 5.4% down on 2017 but 26% up on
the five year average (£6.3bn).
128 QUEEN VICTORIA STREET, EC4 – 1ST FLOOR LET!
comprehensive refurbishment of the reception and two floors at 128 QVS, and a
successful building launch in the summer, Newton Perkins have already let the 1st
floor to GB Group plc.
We now only
have the 2nd floor (10,877 sq ft) remaining in this prestigious
building. 128 QVS offers Grade A office accommodation within a couple of
minutes’ walk to both St Pauls Cathedral and the foot of the Millennium Bridge,
as well as an abundance of local cafes, bars, shops and restaurants in the
information please call Jamie Nurcombe (020 7456 0712)
£183m deal for Aldgate House
CoStar reveals Aldgate House, a grade A office building
above Aldgate Station, has been sold to Singaporean investor, City Developments
Limited for £183m. Hermes Real Estate Investment Management and Canada Pension
Plan Investment Board agreed to sell Aldgate House to the investor, originally
on the market for a net initial yield of c 5.25% and capital value of £810 per
Aldgate House provides over 214,000 sq ft of office space
and is multi-let to tenants including Taboola Europe, ISG, Transperfect
Translations and LCH. The (WAULT) for the building is 6.2 years to lease breaks
and 7.9 years to lease expires. The building had recently undergone a
refurbishment to the available floors and common parts which had attracted the
well-established tenants to the building. The sale shows further confidence in
office space in E1.
Head of Private Markets at Hermes Investment Management,
Chris Taylor, said: “The disposal of Aldgate House marks the culmination of a
proactive asset management strategy that was put into place. This has included
significant refurbishment works and the regearing of leaseholds within the
building. Capital from this sale will be put towards the selective acquisition
of assets, both within the City of London and further afield, that present an
opportunity for added value to be achieved.”
CDL group chief investment officer, Frank Khoo, said: “A key
focus for CDL is to grow our recurring income significantly over the next 10
years through acquisitions and organic growth which will help to mitigate the
volatility of development projects. This acquisition will enhance CDL’s
recurring income portfolio.”
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