Evans Randall brings £39m Docklands site to market
Evans Randall Investors has put Docklands-based data centre Sovereign House up for sale.
The site is being offered for more than £38.8m, reflecting a 5% net initial yield.
Sovereign House occupies more than 72,000 sq ft of flexible commercial space, extending over basement, ground floor and five upper floors.
Evans Randall Investors has put Docklands-based data centre Sovereign House up for sale.
The site is being offered for more than £38.8m, reflecting a 5% net initial yield.
Sovereign House occupies more than 72,000 sq ft of flexible commercial space, extending over basement, ground floor and five upper floors.
The building is securely let for in excess of eight years to Digital London Ltd, a wholly owned subsidiary of Digital Realty Trust, one of the largest publicly traded US real estate investment trusts. The property has an overall passing rent of £1.9m or £27.25 per sq ft overall.
Paul Kendrick, CIO of Evans Randall Investors, said: “Sovereign House offers a very secure income stream guaranteed by an investment-grade covenant alongside some very interesting medium- and longer-term asset management and development opportunities.
“The surrounding area is witnessing significant redevelopment and improvements to the local amenities, with numerous major office, residential and mixed-use schemes continuing to enhance the surrounding landscape and connectivity – not least the new Elizabeth Line station at Canary Wharf.”
Evans Randall Investors is represented by CBRE.
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