Mon, 19/11/2012 - 10:05
Orchard Street Investment Management, a commercial property investment manager, has purchased 8/10 Old Jewry from European Property Fund for GBP40.02m.
The acquisition was made on behalf of the St James Place funds.
8/10 Old Jewry is a prime office investment in the core EC2 area of the City, close to the Bank of England. The building also has a separately accessed Brown’s restaurant at ground and mezzanine levels. The offices are let on a long lease to Argyle Investment Finance at a market level of rent.
Chris Bartram, chairman at Orchard Street, says: “This is a prime, office building located in the very core of the City let at rental levels which give excellent growth potential, and we believe, will be a very good investment for the St James Place funds. Together with the office and retail investment acquired for the funds last December in Conduit St, Mayfair, the acquisition gives the funds prime investments in both of London’s core office markets.”
BNP Paribas Real Estate acted for Orchard Street and Savills acted for the vendor.
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