48/49 Chancery Lane, WC2
Acquisition of 48/49 Chancery Lane, London, WC2
Aviva Investors (on behalf of one of their segregated mandates) has acquired the long leasehold interest in 48/49 Chancery Lane and 1 Quality Court, London, for £15.575 million, reflecting a net initial yield of 5.63%.
The property comprises a Grade A office building on ground and five upper floors totalling 27,232 sq ft (2,529.9 sq m) which was comprehensively refurbished and extended in 2008.
The property is currently multi-let to The National Pro Bono Centre, PSD Limited, The Berkeley Partnership LLP and CF Global Trading (UK) Limited. The total gross income is £1,028,216 and the net income is £925,394.40. Approximately 70% of the total income is secured until between 2018 and 2020.
Aviva Investors were represented by Nightingale Partners.
