Colliers International, acting on behalf of Rykadan Capital, has advised on the freehold sale of 79-81 Paul Street for £9.55 million. The deal reflects a capital value of £1,087 per sq ft.
Rykadan Capital purchased the building in 2015 and subsequently undertook a comprehensive refurbishment. Purchased by an undisclosed buyer, the office building comprises approximately 8,781 sq ft set across lower ground, ground and four upper floors and is located within close proximity to London’s technology hub at Old Street Roundabout in the heart of Shoreditch.
James Nicholls, a director in Colliers City investment team, commented: “The extensive marketing campaign attracted a diverse group of both domestic and overseas investors and owner occupiers given the property’s proximity to Old Street Roundabout which is London’s tech hub. We were delighted to have closed the deal at ‘market’ pricing given current global conditions; Although the pandemic will likely have an impact on many aspects of peoples working life, we believe that London commercial will continue to attract global investors going forward given the strong market fundamentals."
Kyle Joss, a director in Colliers City Investment team, commented: “Rykadan Capital have fully repositioned 79-81 Paul Street following a comprehensive refurbishment in 2016. The attractive building has been transformed into highly desirable modern warehouse office accommodation and is located in the heart of Shoreditch, London’s choice area for the rapidly growing TMT and creative sectors.”
Shaman Chellaram, Senior Director, Capital Markets at Colliers Hong Kong office stated: “This transaction is a great example of our investment team’s cross-border collaboration to meet and exceed the needs of our clients in Hong Kong for their London assets, enabling us to run a global marketing process, provide timely market insight, and deliver a result, especially in a more challenging market environment.”
JLL represented the buyer.