MARCHMONT SELLS ELY PLACE OFFICE

Freehold office investment at 31-32 Ely Place, London EC1 sold for £6.4m at a yield of 4.1%.  The 7,034 sq ft building is let to GSC Solicitors until 2024 at a current annual rent of £280,000 and was bought by private overseas clients of Koopmans.

Tim Lumsdon, Director of Marchmont commented “We are delighted to have realised this investment following the successful lease re-gear with the tenant, GSC Solicitors.  Since our purchase of the property for £3.5 million in 2012, the Mid-town occupational market has grown increasingly diverse and this has contributed to robust rental growth over the period.  Having delivered a strong income yield during our ownership and executed the key asset management initiative, we chose to exit and take the benefit from strong investor demand from both domestic and overseas buyers.”

Farebrother acted for Marchmont.