Disposal of Folgate Court for £24.5 million
DTZ Investors has successfully sold Folgate Court, an exciting office refurbishment and development opportunity in the heart of Spitalfields, to Brockton Capital LLP for £24.5 million reflecting a capital value of £736 per sq ft.
Folgate Court, which was sold with vacant possession, benefits from an excellent location in the heart of Spitalfields – one of Central London’s most vibrant mixed-use areas. The location is already well served by local transport, and this is set to improve further with the delivery of Crossrail in 2018 at Liverpool Street, located 450m to the south of the building.
The property, which originally dates back to 1964, was redeveloped in 2001 and provides 33,296 sq ft of office and ancillary accommodation arranged over lower ground, ground and four upper floors across three buildings.
The building was acquired in December 2010 for £12.4 million. In 2016, DTZ Investors successfully secured a planning consent to refurbish and reconfigure the existing building, including the addition of c.11,000 sq ft of rear extensions to increase the office floorspace to 44,530 sq ft, along with a new feature façade.
DTZ Investors were represented by Cushman & Wakefield and Richard Susskind & Co. Paul Belchak acted for the purchaser.