Description of Aldgate House
Aldgate House is a commercial building in Aldgate, London EC3.
Aldgate House was built in the 1970s and has undergone significant refurbishment, including an extension of the upper floors, new cladding system in 2008 and interior refurbishment to several floors in 2017 and 2018.
Being situated on a site with great frontage, the property benefits from excellent levels of natural light on all four elevations and provides stunning views from the full floor-to-ceiling glazing on all elevations.
2018 September - City Developments Limited
acquires Aldgate House in London for £183 million. Aldgate House has Net Lettable Area (NLA) of approximately 211,000 square feet (sq ft) including Grade A office, retail and ancillary spaces over two basements, ground, mezzanine and eight upper floors. It currently enjoys a strong occupancy rate of 88% with quality and well-diversified tenants that have a strong credit rating. The asset is currently achieving a passing yield of approximately 5%. Over 45% of the office rentals in the building are below the market rents in the Aldgate area and there is strong potential for positive rental reversions. The overall Weighted Average Unexpired Lease Term (WAULT) for the building of 6.2 years (to lease breaks) and 7.9 years (to lease expiries) is attractive as this will provide stable recurring income to CDL.
2013 - Canada Pension Plan Investment Board and Hermes Real Estate buy the 214,000 sq ft property for £100 million.