Orchard Street Investment Management LLP, the specialist commercial property investment manager, has purchased 75 Farringdon Road, EC1 for £8.75 million from Stonehaven. The acquisition was made on behalf of St James’s Place property funds and reflects an initial yield of 5.55%.
Comprising approx. 23,008 sq ft of office space over lower ground, ground and six upper floors, the property is multi let with a rental income of £513,982 per annum. Situated in a prominent position in the heart of Clerkenwell, the office block provides excellent access to London and the surrounding area with Farringdon Underground and Rail Station within walking distance. The area is also set to benefit from its proximity to the new Farringdon Road Crossrail station due to open in 2018.
Commenting on the acquisition, John Humberstone, Partner at Orchard Street, said:
"This property benefits from a first-rate location, is based off low rents and provides the opportunity to increase rental income in the short term through letting the vacant ground floor space. It is also set to benefit in the long-term from the development of the new Farringdon Road Crossrail station nearby with good growth expected from the asset."
Crossland Otter Hunt acted for Orchard Street and Hatton Real Estate acted for the Stonehaven
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Orchard Street Investment Management
Established in 2004, Orchard Street Investment Management LLP is a leading specialist commercial property investment manager, focused on the UK market. It acts on behalf of institutional clients world-wide to advise on investing in and the active management of property assets, including industrial, retail warehouses, offices and shopping centres. Orchard Street currently has assets under management exceeding £4 billion.