Bargehouse Street, SE1
Disposal of Office Property, Southwark, London
The freehold interest of 1-5 Barge House Street & 26-34 Upper Ground, SE1 9PD has been acquired by private clients of The Deerbrook Group from clients of Aberdeen Asset Management.
The property comprises a terrace of five office buildings situated in the Southbank immediately behind the Oxo Tower and Sea Containers House.
The property extends to approximately 20,158 sq ft (1,872.7 sq m) and is let entirely to Steer Davies Gleave Ltd until November 2021 without break, at a current rent of £638,500 per annum (£31.67 per sq ft).
The purchase price of £10.15 million reflected a net initial yield of 5.94% and a capital value of £503 per sq ft.
Nightingale Partners represented the vendors, Aberdeen Asset Management.
