A weekly round up of the latest property news from the central London boroughs
City of London
EG reports that Angelo Gordon and Beltane Asset Management have exchanged contracts to sell 55 Gresham Street, EC2, to New York-based Ella Valley Capital for around £200m. The price reflects a yield of circa 3.95%. Angelo Gordon and Beltane purchased the City of London site in 2014, securing planning consent for a redevelopment to provide 121,600 sq ft of prime office space over 11 floors.
EG reports Greycoat and Morgan Stanley’s 232,000 sq ft former Royal Bank of Scotland office at 2-5 Devonshire Square, EC2, is almost fully let nearly a year before its refurbishment is expected to finish. Research and advisory firm Gartner has placed the top three office floors of Premier Place, covering just over 60,000 sq ft in total, under offer, while financial trading firm Jane Street has pre-let the ground to fifth floors, comprising around 145,000 sq ft of office space. Rents achieved for the office space are understood to have been well in excess of the £60 per sq ft guided for the space.
PW reports that The Thackeray Estate has put its Eastcheap Estate, a cluster of listed buildings containing refurbished offices in London, on the market for £45.5m. If met, the sale price would reflect a yield of 4.52%. BNP Paribas is representing Thackeray in the sale of the 31,838 sq ft estate.
City of Westminster
EG reports that Serviced office provider Landmark has let 40,000 sq ft at the Libyan Investment Authority’s Portman House, 2 Portman Street, W1, pushing its portfolio to more than 1m sq ft. It has taken the third and fourth floors in the building, which was previously let to Cluttons. Quoting rents are £65 per sq ft.
EG reports that Apache Capital Partners has put one of the most valuable individual student accommodation blocks in the UK up for sale for £150m. The company has begun approaching investors over a prospective disposal of its 482-bed asset at Paul Street East in Shoreditch, EC2. The price sought reflects a 4% yield, which is expected to rise to 4.25% following rent rises in the next academic year.