Strettons secure record rent for Islington office investment
Building on White Lion Street Sold for £2,025,000
Strettons has announced that it has achieved the highest effective rent for an office investment on a popular street in a prime Islington location.
The company has sold 99 White Lion Street in Angel for £2,025,000, over £400,000 above the guide price.
In addition to successfully completing the sale of the building, the firm was instructed to find a tenant for the vacant second floor whilst the building was under offer. Strettons leased the premises to METKA EGN on a 5 year lease for £45 per sq ft, the strongest effective rent on the street.
Commenting on the sale, Strettons Director Jonathan Cuthbert said: “Given the property’s popular location, good transport links and excellent facilities, we experienced strong demand for the building. The sale demonstrates that although we have seen a slowdown in office occupier uptake at the smaller end of the scale, we are still experiencing high demand from both investors and owner occupiers for quality, well located buildings.”
The building has been purchased by a private investor and has been sold on a 999-year lease granted on the 1st January 1987 (969 years unexpired) with a share of the freehold of 95-101 White Lion Street. The building is situated as part of a terrace of purpose built office buildings which were originally constructed in the late 1980s.
With B1 office planning use throughout, the office space is arranged over ground, first and second floors with the second floor extending over the driveway adjacent to the property. The building was comprehensively refurbished in 2013 which included a complete electrical re-wire as well as significant roof works, including addition of improved heat insulation. At the same time a full new air conditioning system was installed into the building.
Located on the north side of White Lion Street, close to the junction of Islington High Street and Upper Street the premises benefit from being close to a vast range of independent and national retailers, as well as a wealth of bars and restaurants. It is only 60 metres from Angel underground station and 1.2km from Kings Cross underground and mainline station.