Addington, the investment and asset management specialist and EPISO 3, an opportunity fund advised by Tristan Capital Partners, have sold the long leasehold interest in Randall House, 6 Dowgate Hill, EC4 to an overseas client advised by Salamanca Group for £16.85million. The 15,853 sq ft building has been sold fully let. The vendors were advised by Capital Real Estate Partners.
The office block was purchased by the joint venture partners in August 2014 and the property was vacant at that time. Since then Addington has re-geared the headleasehold interest to obtain a new 150 year lease, comprehensively refurbished the building to provide modern air conditioned office accommodation, on six floors (LG to fifth) behind a listed façade and fully let the building. Latest lettings were GBE Services Ltd who took 2,245 sq at a rent of £70 per sq ft. in February this year and Rightship UK Limited who took 2,458 sq ft at £71.50per sq ft last year.
Martin Roberts, Principal of Addington said, “We have been able to buy, totally refurbish, fully re-let and now sell Randall House in just over two and a half years which shows that our development management and active asset management programme has paid off. “
“This illustrates that there is no shortage in the demand for good quality stock in the City either from occupiers or investors, particularly from those from overseas.”
