Middle Eastern investor buys King’s Cross office building
A private Middle Eastern investor has bought a period office development close to King’s Cross Station.
The buyer purchased the Stables, WC1, for £20m, reflecting a net initial yield of 6% in an off-market deal.
The offices span three buildings at 28-32 Britannia Street, 46 Wicklow Street and 15-17 Leeke Street, which were formerly stables, and have been refurbished to offer 18,000 sq ft of EPC B-rated office space.
A private Middle Eastern investor has bought a period office development close to King’s Cross Station.
The buyer purchased the Stables, WC1, for £20m, reflecting a net initial yield of 6% in an off-market deal.
The offices span three buildings at 28-32 Britannia Street, 46 Wicklow Street and 15-17 Leeke Street, which were formerly stables, and have been refurbished to offer 18,000 sq ft of EPC B-rated office space.
Located in the Knowledge Quarter at King’s Cross, the site is almost 80% let by income to a venture capitalist firm for the next 10 years.
It is adjacent to the former location of the Royal National Throat Nose and Ear Hospital on 330 Gray’s Inn Road.
The green light was given by the London Borough of Camden to redevelop the Knowledge Quarter site and create 72 homes and 150,694 sq ft of offices, including lab-enabled space and a hotel, in July 2022.
Matthew Millman, partner at Allsop, which acted for the buyer, said: “The transaction demonstrates the continued demand for high quality long-let office buildings within close proximity to major transport hubs, with many investors seeking to capitalise on historically attractive yields.”
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Photo © SEC Newgate/Allsop
