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117-119 Houndsditch in the City of London EC3.

117-119 Houndsditch in the City of London EC3.

Photo: www.henderson.com

117-119 Houndsditch

Address:
117-119 Houndsditch, London EC3A 7BT
Type:
Commercial
Viewed:
6271

Description of 117-119 Houndsditch

117-119 Houndsditch is a commercial building in the City of London EC3.

2014 March - acquired by Henderson's Central London Office Fund.

Connected Companies

News: (1)

Henderson’s Central London Office Fund has bought the freehold interests in The Houndsditch Estate from The Cutlers Company for an undisclosed sum.

The Houndsditch Estate is made up of four adjoining office buildings, comprising Cutlers Exchange, Cutlers Court, 117-119 Houndsditch and 120 Houndsditch. Henderson acquired the long leasehold interests in November 2009 for £34.2m, representing a net initial yield of 10.8%.

The Estate totals approximately 125,000 sq ft across the four buildings and Henderson has recently completed the refurbishment of Cutlers Exchange. This has been successfully let to tenants, including the Collinson Group and the Bluefin Group. The Estate sits within the tower cluster of the City of London, providing significant redevelopment potential in the longer term to create a new landmark building of in excess of 300,000 sq ft. Henderson also owns the adjoining 200,000 sq ft 133 Houndsditch, which has also undergone a significant refurbishment programme. The entire island site, which is now held freehold by the fund, totals circa 1.75 acres.

Peter Neal, Senior Portfolio Manager at Henderson Global Investors said: “We are delighted to have completed this acquisition which consolidates the fund’s holdings in this part of the City. The acquisition complements the Group’s other activities within the Central London market including a development pipeline which is capable of delivering over 2 million sq ft of Grade A office accommodation over the next five to ten years”.

A spokesman for The Cutlers’ Company commented: “This was the Company’s principal property investment and it was concerned to have all of its eggs in a single basket. With redevelopment being a long term possibility only, it was felt now would be a good time to realise that investment and rebalance our general portfolio.”

DTZ advised Henderson Global Investors and Ingleby Trice advised The Cutlers.

14/03/2014 13:37 by Buildington

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