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5 years ago, Shoreditch only existed to the very edgy, cool start up tech firms who wanted to be positioned outside the norm of Soho and the surrounding areas. Shoreditch was very much a fringe market where you could acquire Warehouse styled office buildings for next to nothing. 5 years later and the warehouse buildings are so in demand that they are now demanding mid £40 per sq. ft. and it is now the new tech hub of the Capital.
The scale of which Shoreditch has entered the market as the tech hub of the capital, was emphasised again this week when Legal and General UK Property Fund confirmed they have purchased the Shoreditch office building; 15 Bonhill Street for around £62 million. 5 years ago a purchase of this scale by a property company such as Legal and General would have been unheard of, but now the area has got so strong they are fighting to get a piece of the action.
The office itself comprises of 110,210 sq. ft. arranged over a basement, ground and six upper floors of office space and sits directly opposite Google’s ‘The Campus’. It is currently a multi let building including occupiers such as American Express, Mindcandy and Aston Carter for a total 6.8 years average unexpired lease terms. The floor plates are large and provide fantastic natural light and with only 6.8 years unexpired term left on the lease, the space also provides an opportunity for further asset management in the medium term. Legal and General UK Property Fund saw this acquisition as a fantastic opportunity to get a piece of the action in this growing area and with the increasing demand from tech firms along with the introduction of Crossrail the demand will only get stronger.
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.