Whitbread has exchanged contracts to sell Zinc office building to one of CLI Dartriver’s investment programmes by way of a forward commitment.
The price agreed is £39.75m, reflecting £1,432 psf following a targeted marketing campaign to a shortlist of investors.
The building is being developed by Whitbread together with an adjoining 180-bedroom hub by Premier Inn hotel on the site of a former NCP car park. Construction is underway, with practical completion of the mixed-use development scheduled for early 2023.
Jonathan Langdon, Acquisitions Manager (Central London) at Whitbread, said: “Working with a talented team of construction professionals, we are transforming a former car park into a landmark mixed-use development in the heart of Farringdon. The strategic early disposal of a best-in-class office building prior to practical completion to a long-term investor is an excellent example of Whitbread’s flexible approach to development in the capital and highlights the quality of our design and construction expertise.”
Whitbread was advised by Frame Real Estate Partners and Capital Real Estate Partners. CLI Dartriver was advised by TT&G Partners.