Staffordshire Pension Fund represented by Colliers Capital and Hanover Green have acquired the short leasehold interest in 11 Old Jewry , EC2 in an off market transaction for £20.6 million.
The lease is held from The Grocers Company for 99 years and expires in June 2032 so has some 16 years remaining on the term. The Ground rent is fixed at £8,000 pa. The 65,375 sq ft property is let to two retail and ten office tenants and has a current passing rent of just over £2.5 million pa showing a net initial yield of 11.5%.
Hanover Green acted for the purchasers.