Lego family buys in King's Cross

By James Buckley - Monday, April 09, 2018 15:45

The Kirkbi A/S fund that manages the wealth of the family that owns Lego has emerged as the buyer of Porter’s Wharf from Derwent London.

The building at 8-14 Crinan Street in King’s Cross is thought to have been sold for slightly over the asking price of £48m, which reflected a net initial yield of 4.51%.

The warehouse building occupies a prime location in the heart of the King’s Cross regeneration area, extensively refurbished to provide 44,107 sq ft of Grade A office space.

The building is single let to Macmillan Publishers Limited until June 2034 with a tenant break option in June 2029.

The passing rent of £2.31m per annum, reflecting an overall rent of £52.40 per sq ft offering significant reversionary potential.

The lease provides for open market rent reviews and minimum rental increases in both 2022 (£54.90 per sq ft) and 2027 (£57.39 per sq ft).

Corbett Northam and Savills advised on the sale; Farebrother acted for the buyer.

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