Savills, on behalf of CERN’s in-house pension fund, has acquired Monument Place at 24 Monument Street, London EC3 from Rockspring Property Investment Managers and Alchemy Asset Management for £93 million. The purchase reflected a net initial yield of 4.4%.
Located in the heart of the City of London the building, totalling 82,600 sq ft (7,673 sq m) over ten storeys, comprises both prime office and retail space. New tenants include Ecclesiastical Insurance Office and law firm Cahill Gordon & Reindel. Three floors remain vacant.
Simon Ewart-Perks, director in the Central London team at Savills, comments: “Monument Place is a high quality development providing core investment exposure to the City of London office market and is well positioned to benefit from the strong rental growth forecast over the course of the next few years."
CERN (Organisation Européenne pour la Recherche Nucléaire) is a European intergovernmental research organisation based in Geneva, Switzerland. 24 Monument Street will be asset managed by Rocval, which also manages CERN’s European property portfolio.
Rockspring Property Investment Managers and Alchemy Asset Management were advised by Knight Frank.
Source: Savills savills.com
14/03/2015 10:46 by Buildington
Rockspring Property Investment Managers and development partner Charterfield Asset Management have signed three new 10 year leases totalling 20,422 sq ft at Monument Place, the newly completed office and retail development at 24 Monument Street, London EC3.
Ecclesiastical Insurance Office Plc, a UK company dedicated to providing insurance cover for the Church of England’s buildings, has taken the sixth and seventh floors, totalling 13,808 sq ft. Cahill Gordon & Reindel LLP, the US law firm, has leased 6,614 sq ft on the ninth floor.
Rockspring acquired Monument Place (formerly Centurion House) in December 2010 on behalf of Rockspring UK Value 1 and commenced construction in April 2012. Situated between Monument and London Bridge along the River Thames, it comprises approximately 75,000 sq ft of Grade A office and 7,600 sq ft of retail space in the heart of the City. Four out of the nine office floors are let and further letting activity is expected in September.
Richard Bains, Partner and UK Value Fund Manager at Rockspring said:
“We continue to see a high level of interest in Monument Place, which benefits from being one of the few brand new Grade A office buildings in the City of London. The lettings to Ecclesiastical Insurance and Cahill Gordon & Reindell, combined with existing tenants Conning Asset Management and American Golf, reflect this demand for Grade A space in markets with low supply, reinforcing our delivery strategy, and we are confident that we will reach full occupancy by the end of this year.”
Rockspring and Charterfield were advised by Knight Frank and Newton Perkins on the lettings to Ecclesiastical Insurance and to Cahill Gordon & Reindel LLP.
11/09/2014 22:43 by Buildington
16/11/2013 20:56 by Buildington
Monument Place - new on Buildington!
16/12/2012 19:17 by Buildington