Derwent London has exchanged contracts to sell the freehold of The Buckley Building, 49 Clerkenwell Green EC1 to clients of CBRE Global Investors for €111.6m (£103m). The 85,100ft² office building is multi-let producing a ‘topped-up’ income of €5.3m (£4.87m) representing a net yield to the purchaser of 4.43%.
The complex was acquired in 2007 and completely refurbished in 2013. The refurbishment led by Buckley Gray Yeoman increased the lettable area by c.10,000ft² utilising redundant atrium space, added new external terraces and repositioned the entrance to face Clerkenwell Green. The sales price was achieved following recent active management initiatives increasing income through rent reviews and a lease extension.
Paul Williams, Chief Executive at Derwent London, said: "The disposal of The Buckley Building is a further example of our strategy of selling mature assets. This disposal takes our total sales so far this year to over €195m (£180m), proceeds of which will be recycled into our substantial on-site development programme.”
