Colliers secures new owners for Farringdon office block following GBP17.6m sale
Colliers International’s City Investment team has sold 14 St John’s Lane, London EC1, on behalf of their private client to a European investor for GBP17.6 million. The price achieved, above asking, represented GBP895 per sq ft and an initial yield of 4.2 per cent.
The 19,664 sq ft property is known as Knight’s Quarter and is built on the old barracks site of the Knights of St John. The prime, corner office building is situated close to Farringdon Station, in one of the City Fringe’s most popular locations and is leased to law firm Kingsley Napley at a rent of GBP790,000 per annum, reflecting a low overall passing rent of GBP40.17 per sq ft. Kingsley Napley has been based in the building for around 30 years, and is due to relocate next year to the firm’s new headquarters building on Bonhill Street.
Dominic Amey, Head of City Investment at Colliers International, says: “These are certainly unusual times, in which agents and buyers have adapted in order to continue working. We actually undertook inspections where some buyers viewed the building as a face on an iPad being carried around by their acting agent, but it didn’t affect our marketing and I’m pleased to say we achieved a great result for our client. I wish the new owner all the best and I believe they’ve acquired a superb asset in one of London’s most exciting locations.”
The buyer was represented by Jonathan Wallach of Everton Phillips.