41 Eastcheap, EC3 acquired for £18.6 million
January 11, 2015
Royal London have acquired the freehold of 41 Eastcheap, EC3 from Store Properties for £18.6 million.
The 20,653 sq ft office building was rebuilt in 2005 and is let to seven tenants paying a current rent of £766,635 pa which equates to £37.12 psf overall.
The property – providing corner aspect 3,000 sq ft floors – is now highly reversionary with an ERV over £50 psf which should show a reversion to over 5% within 18 months as lease events fall in.
Hanover Green represented Royal London in the purchase.
