Aldermary House

London, EC2

Date acquired:
January 2011
Size:
60,000 sq ft / 5,574 sq m

Opportunity

A prominent but outdated 60,000 sq ft office building in a prime location on a 65 year ground lease. Acquired in June 2011 as part of a 3 asset “off market” corporate acquisition from a UK bank for £23.5m; a yield of 7.8%.

A major repositioning was carried out involving totally new M&E and a new double height reception hall. Rental values were increased by 47% and the building was sold to a UK REIT in May 2014 for £38.9 million; a yield of 6.1%.

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