London-based fund manager Brockton Capital has acquired Folgate Court, an office refurbishment and development opportunity in the heart of London's Spitalfields district, from DTZ Investors.
The investment volume of £24.5 mln (€29 mln) for the 33,296 square foot (3,092 m2) property reflects a capital value of £736 per sq ft.
Sold with vacant possession, Folgate Court is located in the heart of Spitalfields – one of Central London's most vibrant mixed-use areas. The area 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 450 metres to the south of the building.
The property originally dates back to 1964 and was redeveloped in 2001, providing office and ancillary accommodation arranged over lower ground, ground and four upper floors across three buildings.
DTZ Investors was represented by Cushman & Wakefield and Richard Susskind & Co in the sale. Paul Belchak acted for Brockton.
DTZ Investors acquired the building in December 2010 for £12.4 mln and last year secured a planning consent to refurbish and reconfigure the existing building, including the addition of 11,000 sq ft of rear extensions to increase the office floorspace to 44,530 sq ft, along with a new feature façade.
