On behalf of its client Chapter House Limited, LBS Properties has successfully sold Chapter House, a prime freehold central London investment opportunity, to RTP Global Real Estate Investments LP, a pan-European fund targeting prime assets for £45,500,000 reflecting a net initial yield of 4.48%.
Chapter House is located one street back from Old Street Roundabout in the heart of London’s tech and creative cluster.
A former Victorian School that was comprehensively refurbished and extended to a very high specification in 2019. The property, which originally dates back to 1887, offers a high specification with 4.5 metre floor to ceiling heights and external terraces, providing 32,323 sq ft of office accommodation arranged over lower ground, ground and four upper floors.
Chapter House, one of two adjoining buildings developed by LBS Properties is fully let to three tenants, Ebiquity Plc, Totally Money Limited and Recorded Future, with a passing rent of £2,202,552 per annum, equating to £68.00 per sq ft.
Nick Crawford, Managing Director of LBS Properties, says, we are delighted to have completed the sale of Chapter House to RTP Global Real Estate Investments LP. Through high quality of refurbishment, Chapter House has been transformed to a best in class office building in a prime Old Street location. This resulted in the property being 80% pre-let prior to completion.
LBS Properties were represented by Cushman & Wakefield and Colliers. Crossland Otter Hunt acted for the purchaser.