DTZ Investors disposes of 222 Bishopsgate, EC2 for £21.1m
DTZ Investors, advised by Savills, has sold the freehold interest at 222 Bishopsgate, London EC2 to a private Chinese investor for £21.1 million, representing a capital value of £915 per sq. ft.
Located in the City of London, in close proximity to Spitalfields, one of Central London’s most vibrant quarters, the property provides 23,065 sq. ft. (2,142.8 sq. m) of office, retail and ancillary accommodation arranged over lower ground, ground and four upper floors. The building is multi-let to one office tenant and three retail tenants at a passing rent of £981,250 per annum and has a lease expiry block date in March 2020. The office accommodation is single let providing a total rent passing of £452,500 per annum, which reflects a rent of £30.56 per sq. ft. (£329 per sq. m).
Sam Brice, Director at DTZ Investors said: “We are pleased to have completed the sale of 222 Bishopsgate which attracted strong interest from both domestic and international investors and tapped into the appetite for well-located value-add opportunities in Central London.”
The purchaser was advised by Allsop.