Investor and developer Evans Randall Investors has put prime freehold office holdings in Farringdon, 20-25 and 26-28 Glasshouse Yard, on the market.
Evans Randall Investors acquired 20-25 and 26-28 Glasshouse Yard in 2018 and 2017 respectively, completing the assembly of a Farringdon site with significant redevelopment potential. Located 100 metres from Barbican underground station and 200 metres from Farringdon Crossrail, the buildings currently offer 55,000 ft2 of Grade A office space over four and eight storeys.
The buildings have enjoyed long-term occupancy, with 26-28 Glasshouse Yard let in its entirety to Amazon since 2012. Amazon accounts for 87% of the site’s passing rent and has extended its lease on the building on two occasions. Operationally, Glasshouse Yard is home to Amazon’s Audible UK headquarters comprising one of only two recording studios in Europe, and also houses other Amazon businesses including Whole Foods and Fire TV.
Compton has been appointed to market Glasshouse Yard, which presents an interesting combination of high-quality reversionary income and redevelopment potential. The feasibility studies show the ability to enhance its value through redevelopment, which would increase massing by 35% and deliver 74,000 ft2 of high specification, grade A office accommodation.
Shaun Simons, founder of Compton, said: 'Glasshouse Yard’s prime location, connectivity, the quality of its accommodation and a strong and secure tenant covenant represent an attractive proposition for investors, in addition to its significant potential for redevelopment and value uplift. The long-term tenancy of Amazon reflects the continued attraction of Farringdon for occupiers seeking office space in an amenity-rich, well-connected urban location.'
