Cluttons advises Invista REIM
Cluttons’ investment and fund management team advised Invista Real Estate Investment Management on the purchase of Bank Chambers on Borough High Street, from a private Irish investor for £5.75m, representing a net initial yield of 6.52% and reflecting £332 per sq ft capital value.
The building occupies a prominent position opposite the entrance to London Bridge station providing easy access to the City of London. The property requires new asset management initiatives to improve returns but provides convenient well located office suites in an attractive period building. The lower floors are let on long occupational leases to Fullers and a restaurant.
Cluttons has seen a surge in demand for properties in this location, an undervalued area which is attracting strong investment, accelerated by development of the Shard. The price reflected a low capital value per sq ft when compared with other Central London locations but, being in an area of restricted supply, it offers great potential for further investment performance mainly through rental growth.
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