Evans Randall looks to sell Amazon-occupied Farringdon office
Evans Randall is looking to sell its freehold interests in adjacent offices in Farringdon, one of which is entirely occupied by Amazon.
The company acquired the 47,500 sq ft 26-28 Glasshouse Yard, EC1, in 2017 for £40m. The following year it bought the 6,800 sq ft 20-25 Glasshouse Yard for £7m. Compton is marketing the two buildings for offers over £34.9m, reflecting a net initial yield of 8.25%.
26-28 Glasshouse Yard is the UK headquarters of Amazon Audible, as well as its Whole Foods and Fire TV businesses. The company has twice extended its lease in the building, which will run until April 2028 with a tenant break option in March 2026, at a rate of just under £56 per sq ft.
Evans Randall is looking to sell its freehold interests in adjacent offices in Farringdon, one of which is entirely occupied by Amazon.
The company acquired the 47,500 sq ft 26-28 Glasshouse Yard, EC1, in 2017 for £40m. The following year it bought the 6,800 sq ft 20-25 Glasshouse Yard for £7m. Compton is marketing the two buildings for offers over £34.9m, reflecting a net initial yield of 8.25%.
26-28 Glasshouse Yard is the UK headquarters of Amazon Audible, as well as its Whole Foods and Fire TV businesses. The company has twice extended its lease in the building, which will run until April 2028 with a tenant break option in March 2026, at a rate of just under £56 per sq ft.
The smaller 20-25 Glasshouse Yard underwent a refurbishment at the end of 2022 and rents for around £60 per sq ft, which takes the total annual rents for the properties to around £3.8m, roughly £57 per sq ft.
The properties are being marketed by Compton as a redevelopment opportunity due to the scarcity of prime office space in Farringdon, where prime rents are £112.50 per sq ft.
A feasibility study highlights the potential to increase floorspace by 35% to deliver around 74,000 sq ft of grade-A office space in a prime central location.
Located just off Goswell Road, the properties are close to the Barbican and Farringdon Tube stations, as well as Farringdon station.
Nearby corporate occupiers include TikTok and LinkedIn, as well as other big names across the creative and design industries, such as Pepsi, Partners Group and LiveNation.
Shaun Simons, founder of Compton, said: “Glasshouse Yard’s prime location, connectivity, the quality of its accommodation and a strong and secure tenant covenant represent an attractive proposition for investors, in addition to its significant potential for redevelopment and value uplift.
“The long-term tenancy of Amazon reflects the continued attraction of Farringdon for occupiers seeking office space in an amenity-rich, well-connected urban location.”
Image © Compton
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