The Workspace Group has completed the acquisition of Salisbury House at 28-31 Finsbury Circus, London EC2, in a deal worth £158.7m.
The Grade-II listed building is well located in the heart of the City of London is held on a long leasehold from the City of London Corporation.
It is just minutes from the new Crossrail station at Moorgate and a short walk from both Liverpool Street and Bank stations. The building also boasts a distinctive Edwardian façade and four entrances providing direct access to both Finsbury Circus and London Wall.
The multi-let property provides 240,000 sq ft of net lettable space and is currently 90% occupied with 105 customers. It is being acquired at a capital value of £661.1 per sq ft, a low average passing rent of £41.50 per sq ft at a net initial yield of 5.0%.
The property has a gross asset value of £158.7m and generated net rental income of £8.1m over the last year alone.
Jamie Hopkins, chief executive officer, said: "This is a property we have tracked for some time and we are delighted to add it to our portfolio. The City has become an increasingly attractive area for our customers, and this well-located building is ideally suited to our operational model.
“The transaction emphasises our commitment to expand further through targeted acquisitions, adding to our existing pipeline of refurbishment and redevelopment projects, to deliver superior value and returns to shareholders over the long-term."
BQ’s commercial property updates are supported by specialist lender Together, which provides funding to businesses and property investors nationwide. With over forty years’ experience in the financial services industry, Together offers short-term finance, auction finance, buy-to-let, residential and commercial mortgages and secured loans.
For more information visit www.togethermoney.com
Our BQ Bulletin emails will land in your inbox at 7.30am, Monday to Friday, with a mix of the latest local business news, national news, and features to inspire you. Sign up here!
Click here to read our privacy statement