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The frenzy at Kings Cross continues as Brockton Capital agree to pay 40% above the asking price for Ted Bakers North London HQ. Ted Baker are currently occupying 3-6 St Pancras Way, NW1 which is a three storey building occupying 262,800 sq. ft. of space and is currently valued at £60million.
Brockton capital emerged last week as the front runner as they initially agreed to pay a price just over £85 million which equates to a sub 4% yield. Other offers have come in from legal & general and occupiers such as Ted Baker and telecom firm Verizon but liquidators Eastfield Holdings, Berbies Traynor are looking very closely at this unbelievable offer from Brockton Capital.
The site is broken into a number of blocks with the Canal Reach generating £2.4million pa but with a tenant break option in as little as 2 years. Block B is currently occupied by the retail giant Ted Baker on a lease until 2023 and are currently paying a rent of £900k pa. The final building is block C which happens to be the largest block on the site at 143,600 sq. ft. and is currently let to Verizon for 25 from 1998 at a rent of £1.5 million pa. However the investment options lie in one further building on the site which is currently vacant meaning further redevelopment options could be of interest. Alex Goode from Morgan Pryce believes that as the Argent-led regeneration scheme is starting to make progress and potential occupiers such as Google, Louis Vuitton and BNP Paribas already lined up every site in Kings Cross will become more and more valuable pushing the price higher and higher.
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.