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Churchill House, located at 142-146 Old Street, is a building in the heart of London’s tech district comprised of office space arranged over basement, ground to fifth floors. The building was constructed behind a retained façade and is also known as Capital House.
Churchill House was acquired by UBS Asset Management’s Real Estate and Private Markets business for £25.9 million, which represents a net internal yield of 4.3%. It is fully let to multiple tenants including Media Ingenuity and Seedrs Ltd, with the latest deal in the building completed by Maplin Electronics, who took 3,552 sq ft in January 2017 on a 7-year and 4-month lease. The firm is paying a headline rent of £60 per sq ft and net effective rent of £53.52 per sq ft.
Specialist tenant consultant Morgan Pryce has seen central London office rents decrease and rent free incentives push out since the start of the year; however, investment levels remain high despite the market being on a downward trend, which shows strong confidence in London’s long-term growth, especially from foreign investors.
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.