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200 Aldersgate, a familiar London multi-let office building located near Farringdon Station has now been sold by Ashby Capital, the property investment advisory company. All 434,000 sq ft has been acquired for an astonishing amount of £320 million by Samsung SRA asset management. Eugene O’Sullivan, Managing Director at Morgan Pryce, explains; “Due to the installation of Crossrail in Farringdon, headline rents as well as commercial property values will remain substantially high.”
Ashby Capital purchased 200 Aldersgate as its maiden investment in 2013 and was attracted by the considerable prospects for rental growth in the area. As O’Sullivan observes; “Clerkenwell and Farringdon have now become ideal locations for many companies.”
During its ownership of the asset, Ashby Capital attracted new retail and office tenants – including Eat and Ford Motor Company – to fully let the building, and achieved rents over £80 per sq ft. Rent reviews were also completed on approximately 35% of the building. O’Sullivan clarifies; “It is only natural for rents to increase by 35%. A comprehensive refurbishment had taken place and overall the scheme was a remarkable success.”
Peter Ferrari, Chief Executive at Ashby Capital, recently announced; “We are extremely proud of our achievements at 200 Aldersgate, which is now home to a thriving and diverse business community and is renowned as one of the City’s market-leading multi-let buildings in a rapidly improving area.”
This has been echoed by O’Sullivan, who agrees that “Samsung SRA has a strong track record as a strategic investor in London and they will make sure the building continues to deliver robust performance under its new owner.”
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.