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A collection of five properties comprising office space in King’s Cross, Camden, Highbury and Islington has been acquired recently by the London developer Development Securities plc, the company has announced.
The properties, which will be added to the company’s current portfolio, were considered a good investment, offering income as well as opportunity to increase capital values. This could be acheived via refurbishment or redevelopment, according to the company’s statement, potentially into a mixed-use with residential space being introduced.
The space is made up of almost 67,000 square feet and the current income totals £676,000 per year, with potential for increase given the 35% vacancy rates.
The property is said to have cost Development Securities £17.5m, assisted by a three-year finance deal from Barclays.
The company recently secured UKTV as a tenant for 32,500 square feet of office space in Hammersmith, in a 10-year lease for the TV station’s London headquarters.
A possible mixed-use or residential-leaning development for the new acquisition would not be unusual given the developer’s history and portfolio, with its experience in prime office investment as well as food-anchored retail.
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.