U.S. financial advisory and portfolio management firm Capital Garrett Ltd has agreed to buy a freehold property located at 20 Garrett Street, London EC1Y 0TW, UK for a total cash consideration of 18.50 million pounds ($23.4 million).
The freehold property, which located in the borough of Hackney, is approximately 650 meters from the Old Street Roundabout, has a total lettable floor area of about 17,500 square feet and comprises office accommodation over 3 floors and a lower ground floor.
The development, bought from 2 unrelated third parties, namely M & G UK Property Nominee 1 Limited and M & G UK Property Nominee 2 Limited, is currently fully leased until September 9, 2029, with upward only rent reviews on September 10, 2019, and September 10, 2024.
The property produces an annual gross rental income of about $772.191 million, reflecting a low passing rent of about $44.28 per square foot.