A joint venture between Blend Property UK and Westminster Real Estate have successfully sold 35 Chiswell Street, a prime freehold central London investment opportunity, to a private investor for €16.79m (£14.85m) reflecting a capital value of €971 (£859) per ft² and a net initial yield of 4.13%.
35 Chiswell Street is a prominent corner building multi-let to eight tenants, with a low passing rent of €746,274 (£660,129) per annum, equating to only €43.17 (£38.19) per ft², offering exceptional reversionary potential. The property is located in one of the most exciting areas in the central London office market at the meeting point of the City of London, Farringdon, Shoreditch and Old Street; and is underpinned by unrivalled infrastructure with three Crossrail stations within a seven-minute walk of Chiswell Street.
The property, which originally dates back to 1990, has recently been refurbished to a high specification and provides 17,285 ft² of office, healthcare and gym accommodation arranged over basement, lower ground, ground and five upper floors.
Blend Property UK and Westminster Real Estate were represented by Cushman & Wakefield and Tydus Real Estate. Capital Real Estate Partners acted for the purchaser.
