Hong Kong investor makes London debut in Midtown
18 August 2017
Hong Kong investor, Get Nice Holdings, has made its first investment into the London market with the purchase of Meadow Partners' freehold interest in 9-13 St Andrew Street EC4.
The 16,772 sq ft Midtown office building was bought for £21m which reflects an initial yield of 3.8%.
The property is located opposite Goldman Sachs' new HQ, and is entirely let to the law firm, Rosenblatt, which has been in occupation since 1995, and has recently extended its lease for a further 10 years on an RPI annually indexed lease.
Farebrother CORFAC International Investment Partner, Tom Swanson - who advised GNH on the purchase - comments: “As specialists in the Midtown market, we are seeing an increasing flow of investment into the location from Hong Kong and greater China. Investors are alive to the opportunities in Midtown as it attracts an increasingly broad base of high quality occupiers and well-let buildings.”
"The location of this property and its rare index-linked lease structure made it attractive to our clients for their debut purchase in London."
Meadow Partners, who have been advised by CBRE since their purchase of the asset in December 2014 for £13.6m, decided to sell upon completion of their asset management initiative having extracted significant value through their lease restructure with the tenant. They will now look to reinvest the proceeds back into similar opportunities in the Central London market.