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Islington is London’s latest location for investment. This time it is Derwent London who have moved quickly to acquire the freehold of Angel Square for a little over £75m. With current interest in the area, Derwent London own the Angel building – opposite their new purchase, the latest acquisition by one of London’s most prominent property companies highlights the ever increasing attraction to areas outside of the city centre. The deal in Islington, more renowned for the residential side of the property world, is testament to companies looking into alternative areas for investment opportunities.
The space comprises of approximately 128,700 sq ft. of office space above Angel underground station, gaining a passing rent of £2.4m a year. With just shy of 13,000 sq ft vacant in the building, there is room for more rent to be achieved, especially in today’s tight market. Oliver Salter, surveyor at Morgan Pryce, believes this represents a shrewd piece of business from Derwent London,
“With much of London experiencing a shortage of supply, companies are having to look at alternative investment options. Islington is an up and coming area; Angel Square is situated in the within the ‘Tech belt’ area and could prove a very shrewd investment. It is apparent that these areas are showing great value for money, especially when rents will only continue to increase in these future.”
Islington is the location of discussion today, but in the future it will be interesting to see what London suburbs are attracting investment from the capital’s big property firms.
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.