Evans Randall closes £40m EC1 buy

By James Buckley - Monday, January 08, 2018 14:51

Private equity real estate company Evans Randall Investors has completed the purchase of Glasshouse Yard at 26-28 Glasshouse Yard, EC1, from a client of Michael Elliott.

Glasshouse Yard is fully let to Amazon, which uses the space as recording studios for its audio books business and as an incubator for new businesses.  

The acquisition of Glasshouse Yard follows John Slade’s appointment as executive chairman of the company in September 2017.

Evans Randall exchanged on the purchase in ten days, with completion shortly after. The acquisition of the 47,500 sq ft office building reflects a net initial yield of 4.3%, with a revisionary yield of 6.1%. The property’s annual rent roll is £1.8 million, with very low passing rents of £38 per sq ft.

The modern, open plan office building, which was refurbished in 2012, sits in a prime Midtown location, just off Goswell Road and less than 300 metres from the soon to be opened Farringdon Elizabeth Line eastern station entrance. The transaction is the third purchase for Evans Randall Investors in the Midtown area in the past two years.

Acquired as a single-let to Amazon with 4.5 years remaining on the lease, Glasshouse Yard is split over six floors and provides contemporary Grade A open plan office accommodation with excellent natural light throughout and a series of external roof terraces. Amazon currently uses the space as recording studios for their audio books business and as an incubator for new businesses.

Paul Kendrick, Chief Investment Officer of Evans Randall Investors said: “We are very pleased to have completed on this building with exceptional potential and look forward to unlocking its value in the longer term. Glasshouse Yard is a high-quality workspace, strongly let and located in an area which is gaining significant momentum. Midtown is undergoing an immense transformation into a central London hub and the arrival of the Elizabeth Line at Farringdon Station in 2018 is a further step in the development of this exciting location.”

The purchase of Glasshouse Yard follows Evans Randall Investors acquisition of Thavies Inn House at 3-4 Holborn Circus and Bureau at 90 Fetter Lane.

jbuckley@costar.co.uk

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