24-25 Britton Street building in Clerkenwell, London EC1.

24-25 Britton Street building in Clerkenwell, London EC1.

21.05.2014

24-25 Britton Street

Address:
24-25 Britton Street, London EC1M 5TY
Type:
Commercial
Viewed:
1069

Description of 24-25 Britton Street

24-25 Britton Street is an office building in Clerkenwell, London EC1.

The 1970s building was redeveloped by Great Portland Estates. Architect Archer Architects. Contains 51,400 sq ft of office space.

2020 - GPE sells the building for £64.5 million to an overseas investor.

2011 September - Kurt Keiger moved in; the contract with Great Portland Estates lasts until 2026.

Connected Companies

Property Manager:
Architect:

Transport

The nearest tube, train and bus stations.
Farringdon Underground Station
Circle, Hammersmith-city, Metropolitan
Farringdon Station
341, 40, 63, N63

News: (1)

Sale Agreed

Great Portland Estates plc has exchanged contracts to sell 24/25 Britton Street to an overseas investor for a headline sale price of £64.50 million, equating to £64.06 million after deduction of vendor top ups.

The headline price reflects a net initial yield of 4.07% and a capital value of £1,255 per sq ft. The premium to the September 2019 valuation was 6.2%. Completion is scheduled for 22 January 2020.

The office element of the building was comprehensively refurbished by GPE in 2011 to provide 49,900 sq ft of high quality accommodation arranged over two lower ground, ground and three upper floors. The office space is let to Kurt Geiger where we recently re-geared the lease to extend the term to 2035. In addition, there are two retail units fronting Britton Street (1,500 sq ft). The total contracted rental income is £2,806,000 per annum inclusive of vendor top ups, equating to £55 per sq ft overall (reflecting a minimum uplift at review of £65.00 per sq ft on the best office space). The current weighted unexpired lease term is approximately 14.8 years to the earlier of expiries or breaks.

Toby Courtauld, Chief Executive of GPE, commented: "The sale of 24/25 Britton Street concludes a successful business plan for GPE. Having refurbished and pre-let the property to Kurt Geiger in 2011, we subsequently re-geared the lease in 2019 before marketing the property for sale. The disposal is consistent with our strategy of recycling capital out of mature assets."


13/01/2020 17:32 by Buildington

*DISCLAIMER! Information on this page is for guidance only and remains subject to change. Buildington does not sell or let this property. For more information about this property please register your interest on the original website or get in touch with the Connected Companies.

New London developments on Buildington - monthly update