Cordea Savills, the international property investment manager, has purchased 29 Clement’s Lane (also known as 33 Lombard Street) in London EC3 for £40 million (approx. €46.9 million) on behalf of a private family office.
The recently refurbished freehold office building is located in the heart of the City of London and is let to a strong covenant for 10 years. It was acquired at a net initial yield of 6%.
Chris Lewis, Director of Investment, commented, “The asset fulfilled our client’s requirements for a prime freehold building with long-term underlying value and a strong occupational history.”
Cordea Savills was advised by Springer Nicolas and Savills, with Hall Kemp acting behalf of the vendor, Grainmarket Asset Management.
Source: Cordea Savills