CBRE Global Investors has acquired two central London properties that look set to benefit from the infrastructure improvements expected from the completion of the Crossrail rail link in 2018.
The first acquisition for £10.5 million (approx. €12.9 million) is for 110-113 Tottenham Court Road. The freehold building is one third retail and two thirds offices comprises more than 16,000 ft² over five floors and is let to two tenants, the Halifax and Adecco. The vendor was Receivers JM Clarke and KP Marsh Savills.
The second acquisition for £9 million (approx. €11 million) is for 83 Clerkenwell Road in central Clerkenwell. The five-floor building which has over 19,000 ft² is currently configured as offices and is let to a single tenant from the WPP group of companies. The vendor was Brooke & Clerkenwell Property Limited.
Michael Ness, Head of Separate Accounts, CBRE Global Investors, commented, 'We believe that these two acquisitions will be major beneficiaries of the Crossrail development, as infrastructure improvements are already adding to the commercial attractiveness of both Clerkenwell and the Tottenham Court Road area. Additionally both buildings provide flexibility in terms of tenant type further adding to the potential for strong investment returns and significant rental growth."
CBRE Global Investors were advised by H2SO and Morgan Williams.