33 Gracechurch Street

London, EC3

Date acquired: January 2011
Size: 105,000 sq ft / 9,755 sq m

Prime 105,000 sq ft part vacant office building on an 85 year unexpired lease at a ground rent of £1.7 million per annum acquired for £12.8m in 2011.

Simultaneous with the purchase the lease was restructured at a cost of £26.2 million, reducing the ground rent from 55% to 5% of rental value.

The vacant parts were repositioned and subsequently leased at rents of up to 40% higher and the building was sold to a Pan European investor in February 2014 for £62.2 million; a yield of 5.25%.

See All Investments