15-29 Redchurch Street, ShoreditchPosted on December 22, 2015
In December 2015 Clay Street, acting on behalf of clients of CBRE Global Investors sold the prime Shoreditch retail investment 15-29 Redchurch Street, London E2 to Redevco for £16.25m.
The opportunity provided a rare chance to buy into one of London’s most fashionable up and coming addresses; an area which has seen a marked shift in rental tone during the last three years and still holds potential for further growth. The sale follows the culmination of a successful asset management programme kicked off by the purchase of 15-17 in 2012 and 21-29 in 2014 for a combined £6.95m.
The 6,424 sq ft property is let to a range of cutting edge retailers such as A.P.C, Aime, Kit & Ace, Mast Bros and Nudie Jeans Co. The average weighted unexpired lease term is 9.8 years. The property offers a rental income of £585,000 reflecting a net initial yield of 3.4% on sale.