Allsop has been instructed on the £100m sale of a landmark tower in the heart of Aldgate by US private equity firm, Angelo Gordon.
The Relay Building, ideally located on the tech belt and fringing the City of London, soars 22 storeys and nearly 80 meters. Completed in 2014 it offers high specification, best-in-class mixed-use space with 105,996 sq. ft. of office and ancillary accommodation, including 7,076 sq. ft. of retail space and 207 residential units.
The Building is fully let boasting AWULT of 13.1 years (10.2 years to break) and a net initial yield of 5.4% on a capital value of £945 per sq. ft. The cash on cash returns are very attractive at over 8%.
On the ground floor, retail units let by Tesco, Pret a Manger and Paddy Power front on to Whitechapel High Street and Commercial Street. Office accommodation includes highly efficient 15,800 sq. ft. floor plates with slab heights of 3.3 metres.
James Abrahams, Partner, Commercial Investment at Allsop, said: “This is a state-of-the-art building offering a secure income stream in one of London’s most dynamic areas and such investment opportunities rarely come along, making it a highly attractive proposition for investors.”
Located in the most vibrant and desirable part of Aldgate, The Relay Building is superbly located for transport, being built above Aldgate East tube station and providing access to the District and Hammersmith London Underground lines. It is also set to benefit from the opening of the Elizabeth line (Crossrail) in 2018 from nearby Liverpool Street and Whitechapel stations, which will provide direct new links and dramatically reduce transport times, including to Heathrow Airport in 38 minutes (from 53 minutes).
Total rent is £5,507,863 per annum, reflecting an average rent being passed on of £51.96 per sq. ft. The remaining sixth floor, being the highest of the six, is expected to achieve the greatest rents in the building. Eastdil Secured has also been appointed as joint advisor in the sale.
Notes to editor
Allsop is an independent property consultancy with a market-leading reputation for high quality service, integrity and innovation. We are also well known as the UK’s largest and most successful auction house. Our success is built on over 100 years’ experience in commercial and residential property consultancy and sales.
For details visit www.allsop.co.uk
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