Cordea Savills has purchased three canal side office buildings in Camden, North London for a total of GBP14.07 million on behalf a corporate pension fund client.
Elephant Yard, 35-37 Kentish Town Road is close to Camden Lock’s leisure and retail amenities and totals 24,500 sq ft of office accommodation.
The complex is on the former site of the Camden Brewery and comprises three buildings. Elephant House and The Cooper’s Building are Grade II-listed and let to Viacom for over eight years. The Lock Building is let to a charity, which offers the potential for redevelopment in the short term as there are mutual break options in 2015.
Lucy Winterburn, portfolio manager, says: “This transaction represents an opportunity to purchase a very rare product in a vibrant London office sub-market offering a mix of secure income with the opportunity to add value. The passing rent across the entire holding is low and provides a modest base from which we expect to see significant upside via improvements in active asset management activities.”
Cordea Savills was represented by Fineman Ross and CBRE acted for the vendor, Derwent London.