Warner Estate has sold 24/26 Minories in the City of London to Scottish Widows Investment Partnership and Endurance Land for £5.2m.
The 25,170 sq ft property comprises 3,970 sq ft of ground-floor retail space, let to Barclays on a lease with four years remaining, and 21,200 sq ft of recently vacated offices.
BNP Paribas Real Estate and CB Richard Ellis advised Warner Estate. Cushman & Wakefield acted for Endurance Land.
SWIP Property Trust and Endurance Land announce they have acquired the freehold interest in 24-26 Minories London EC3. The purpose built office building comprises five floors of office space and ground floor of retail is located in the city of London close to Aldgate tube station.
The area on way to achieving rental highs of 2007. Clerkenwell reached a rental zenith four years ago when DSA Engineering paid £45/sq ft for 3,500 sq ft at 77-79 Farringdon Road. It seemed that the area had come of age.
Funds and property companies bought from private owners, but then rents started to slide back to the mid-£30s/sq ft when the downturn began. It is time to test the traditional Clerkenwell market again. Earlier this week, LaSalle Investment Management achieved practical completion on 2 Pear Tree Court, a refurbished warehouse just off Farringdon Road, north of Clerkenwell Road.