Addington Capital, the investment and asset management specialist and EPISO 3, an opportunity fund advised by Tristan Capital Partners, have sold the long leasehold interest in Randall House, 6 Dowgate Hill, EC4 to an overseas client advised by Salamanca Group for ca. €19.9m (£16.85m). The 15,853 ft² building has been sold fully let.
The office block was purchased by the joint venture partners in August 2014 and the property was vacant at that time. Since then Addington has re-geared the head leasehold interest to obtain a new 150- year lease, comprehensively refurbished the building to provide modern air conditioned office accommodation, on six floors (LG to fifth) behind a listed façade and fully let the building. Latest lettings were GBE Services Ltd who took 2,245 ft² at a rent of ca. €83 (£70) per ft² in February this year and Rightship UK Limited who took 2,458 ft² at €84.3m (£71.50) per ft² last year.
Martin Roberts, Principal of Addington Capital said, “We have been able to buy, totally refurbish, fully relet and now sell Randall House in just over two and a half years which shows that our development management and active asset management programme has paid off. This illustrates that there is no shortage in the demand for good quality stock in the City either from occupiers or investors, particularly from those from overseas."
The vendors were advised by Capital Real Estate Partners.