£19m Southwark, SE1 purchase
Cluttons’ investment and fund management team advised DTZ Investment Management on the purchase of Bankside Central, Southwark Bridge Road, London SE1 for £18,750,000 reflecting a net initial yield of 7.61%.
The property was redeveloped substantially and prelet in 2001at a then market-leading rent. It is let in its entirety to FBC (Futurebrand) Ltd with a guarantee from Interpublic Group Inc until December 2016. The property was the subject of an architectural award-winning design and provides 39,712 sq ft of modern, high specification office space over seven floors.
Cluttons negotiated the purchase which represents a solid investment opportunity in an attractive location. The Southbank is an area undergoing considerable redevelopment but continues to have restricted office supply. Cluttons believes there will be significant market recovery around Bankside as major developments, including the Shard and the commercial and cultural zones around the Tate Modern, are completed. This property provides a strong initial yield and this purchase will offer very good future prospects.
The property is situated in a prime Southwark location at 76-80 Southwark Bridge Road, adjacent to Bankside 1, 2, 3 – RBS and close to the Blue Fin Buildings and Tate Modern Museum.
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