Orchard Street Investment Management, acting on behalfof a pension fund client from DTZ Investors, has completed the acquisition of 80 Clerkenwell Road, London EC1 for €20.8m (£18.5m).
The multi-let warehouse-style property was redeveloped in 2017 and comprises 12,387ft² of Grade A floor space with exposed services throughout, a new fifth-floor roof terrace offering uninterrupted views across the City of London, and new bike storage and showering facilities. Occupying a prominent corner position at the junction of Clerkenwell Road and St. John Street, the asset benefits from a highly visible boutique showroom, whilst the upper floors comprise modern office accommodation fully-let to four tenants. The property has a WAULT of 8.4 years and the office passing rent equates to €78.7 (£70) per ft², reflecting its prime nature.
Barney Rowe, Partner at Orchard Street, commented: “We are firm believers in the long-term strength of Clerkenwell and consider this best-in-class asset to be an excellent addition to our portfolio. The local area is a well-established hub of activity which is already well-connected and is set to become even more so with the imminent arrival of Crossrail, further increasing its appeal to a broad range of occupiers”.
Orchard Street was advised by CBRE, while DTZ Investors was advised by Colliers International.
