Boultbee Brooks Real Estate, the UK-based real estate investor and developer, has sold Rivington House to The Charities Property Fund for £15.22m.
The property, located on Great Eastern Street, London EC2, is currently let in its entirety to LK Bennett Ltd on a 15-year lease and the sale price reflects a net yield of 4.75% after rent free and purchase costs.
Rivington House is 17,743 sq ft, eight storey office block located in a prominent location at the gateway to Shoreditch. The building, which was formally a garment factory, is an impressive refurbishment of an existing Victorian yellow brick structure which has been extended to create two new spectacular upper levels with external terraces. The property was taken back to the bare Victorian shell prior to being redeveloped to the highest standard including exposed energy efficient services.
Roger James, Boultbee Brooks Real Estate’s Development Director, said: “We are delighted to sell a second completed development in Shoreditch to The Charities Property Fund. Rivington House is a superb property in a much sought-after location, and we expect it to deliver stellar returns for The Charities Property Fund over the coming years.”
Aurum Real Estate acted on behalf of Boultbee Brooks Real Estate. Somerford Investment acted for The Charities Property Fund.