16-18 New Bridge Street, a Portland stone façade office building located in London EC4, close to Blackfriars Mainline Station, has been sold to a UK private family for just under £20 million by Almina Ltd.
Occupying a prominent corner location, the 22,482 sq ft (2,089 m2) building accommodates retail and leisure on the ground and lower ground floors with occupiers including Tesco, and offices over the first to sixth floors.
16-18 New Bridge Street benefits from superb transport links with access to Blackfriars Mainline Train Station only 25 metres away and 10 minutes away is Farringdon, which will provide Crossrail services later this year. Crossrail, which is set to dramatically improve travel times, has had a dramatic impact on the area’s commercial property market, substantially increasing occupier and investor demand.
The building has a total passing office rent of £960,404 per annum, reflecting a low average rent of £44.94 sq ft for the area.
The purchase price gives a capital value on the real estate asset of £872 per sq ft and a yield of 4.59%.
Colliers City Investment team acted for the vendor.
Allsop acted on behalf of the purchase.