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200 Aldersgate, Farringdon, was extensively refurbished by previous owner Helical in 2013 before it was sold to current owner AshbyCapital for £225 million. Despite falling rents in London, AshbyCapital is now looking to trade in on its venture, relying on the strong levels of foreign investment currently being experienced by commercial real estate in the capital, and the building has been put on the market for £320 million – reflecting a yield of 4.5%.
The buildling comprises 434,000 sq ft of office space and is nearly fully let, to multiple tenants such as Ford Motor Company and CASS Business School. Under AshbyCapital’s ownership, facilities in the building have improved, with many passing rents reaching circa £40.00 – 45.00 per sq ft. Over the next 12 months there will be multiple rent reviews, with a minimum rise of 5% giving a future yield of 5% for potential purchasers; while upper floors in the building have recently been let to the Jampur Group at a rent of £81.50 per sq ft.
Eugene O’Sullivan, Director and Surveyor at Morgan Pryce, believes; “Although not yet sold, 200 Aldersgate is another example of the long-term view investors are taking of the London commercial property market. Despite falling rents, global investors are still keen to bring their money into the capital, and we are seeing no sign of this slowing down. Indeed, the weaker pound may even be playing a part in global investor appetite.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.