The West End of London Property Unit Trust (WELPUT), advised by Grafton Advisors, has completed the purchase of the freehold interest in 143-157 Farringdon Road, London, for £26 mln (EUR 32 mln), reflecting a net initial yield of 6.2%.
The West End of London Property Unit Trust (WELPUT), advised by Grafton Advisors, has completed the purchase of the freehold interest in 143-157 Farringdon Road, London, for £26 mln (EUR 32 mln), reflecting a net initial yield of 6.2%.
The property, located to the north of Farringdon Station, comprises an entire island site of four self-contained Victorian buildings totalling 61,920 sq ft (5,750 m2). It is multi-let on 28 tenants with a variety of lease expiries over the next few years. The current passing rent is £1.7 mln per annum.
'The transaction is in line with WELPUT’s strategy to recycle capital into the market following the sale of Stratton House,' said Jane Gravestock, head of Specialist Property Funds, UK, at Schroders, which manages the fund. Stratton House in Mayfair was sold in April for £166 mln, after having concluded its redevelopment.
Colliers International represented WELPUT, while EA Shaw and Hatton Real Estate advised the vendor.
