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Clearbell Capital has sold two premium Docklands office blocks to Gaw Capital for £36.2 million. Harbour Exchange is a multi-let office estate on London’s Isle of Dogs, which was acquired in 2014 by the Clearbell Property Partners II fund alongside Morgan Stanley Alternative Investment Partners Real Estate. Gaw has purchased numbers 4 and 5 at the prestigious site, which are comprised of 95,000 sq ft in total and whose occupiers include British American Tobacco, Ocean Media Group and the Wedding Style Collective. The site is also located ideally close to South Quay DLR station and the Canary Wharf estate.
Head of asset management at Clearbell Capital, Dominic Moore, says: “This sale demonstrates an appetite for prime office space in desirable locations beyond the City of London. The development of this business hub in the Isle of Dogs is testament to the attractiveness of peripheral locations in London, as tenants seek Grade-A space at reasonable rates. We pursued this investment against a backdrop of rising rents in the City, looking to deliver high quality office space to high quality tenants being priced out of the City.”
Meanwhile Christina Gaw, head of capital markets at Gaw Capital Partners, echoes: “As freeholders of the Harbour Exchange buildings, this acquisition will enable us to further consolidate our holdings at the estate. These buildings represent exceptional value for tenants, providing access to Grade-A office space in a fantastic location with excellent transport links, at rents far lower than those found in the West End, City and other fringe locations.”
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.