The 33,179 sq. ft. former Victorian warehouse on City Road was purchased by the company’s private investor platform for £27.5m. Clients invested a total of £16.2m in equity, with the remaining balance being provided by Lloyds Banking Group.
The building sits just 300m from Old Street or “Silicon Roundabout”, one of the world’s largest start-up clusters and a hot-spot for tech companies. The immediate area has been transformed in recent years with the likes of Derwent London developing huge office schemes, and new luxury residential and hotel developments making the area a highly desirable place to live a work.
Private clients were able to invest in the opportunity from £25,000.
Dominic Wright, Group Chief Executive, said: “We are delighted to have been able to offer our investors the chance to participate in this high quality investment, and we experienced significant demand from our private investor network from around the world. We believe that direct investment is the best way for investors to access the real benefits that commercial property has to offer, and we look forward to making this purchase a success.”