Private equity real estate company Evans Randall Investors has completed the £40 mln (€45 mln) purchase of Glasshouse Yard at 26-28 Glasshouse Yard, London, from client Michael Elliott.
The acquisition of the 47,500 sq ft (4,400 m2) office building reflects a net initial yield of 4.3%, with a revisionary yield of 6.1%. The property’s annual rent roll is £1.8 mln, with very low passing rents of £38 per sq ft.
The modern, open plan office building, was refurbished in 2012 and sits in a prime Midtown location. Acquired as a single-let to Amazon with 4.5 years remaining on the lease, Glasshouse Yard is split over six floors. Amazon currently uses the space as recording studios for their audio books business and as an incubator for new businesses.
The transaction is the third purchase for Evans Randall Investors in the Midtown area in the past two years. It follows the acquisition of Thavies Inn House at 3-4 Holborn Circus and Bureau at 90 Fetter Lane.
Paul Kendrick, Chief Investment Officer of Evans Randall Investors said: 'We are very pleased to have completed on this building with exceptional potential and look forward to unlocking its value in the longer term.'
