DTZ Investors acquires newly refurbished mixed-use property
DTZ Investors has successfully acquired 50-54 Clerkenwell Road, London EC1 for £11.35m, reflecting a net initial yield of 4.7%.
The property is mixed-use comprising retail accommodation on ground and lower ground floors with recently refurbished warehouse style office accommodation across the five upper floors. The property is fully let and occupied by a broad range of media, design and technology companies.
The property is located in Clerkenwell, a vibrant and dynamic part of Central London that attracts a diverse range of occupiers with the highest concentration of creative industries across Europe. It is a short walk from Farringdon Station which, following the opening of the Elizabeth Line (Crossrail) later this year, is anticipated to become one of the busiest stations in London serving an estimated 27 million passengers a year and bringing a further 1.5 million passengers within a 45 minute journey of Central London.
The acquisition helps to fulfil the strategic target to transition the Client’s existing portfolio toward assets that can provide diversified income and into locations that will support long term sustainable income.
Springer Nicolas acted on behalf of DTZ Investors.
For further information please contact Tom Royston.