Newmanor Law advises on £46m purchase of landmark London property
Specialist real estate law firm Newmanor Law, recently advised client RTP Global Real Estate on the £46m purchase of Chapter House, a prime freehold central London investment opportunity, reflecting a net initial yield of 4.48%.
The property’s location on Cranwood Street, close to Old Street Roundabout, puts it at the heart of London’s tech and creative cluster, within reach of the Northern Line station at Old Street.
Chapter House is a former Victorian School, that was extended and comprehensively refurbished to a very high specification in 2019. It offers 4.5 metre floor to ceiling heights and external terraces, providing 32,323 sq ft of office space arranged over lower ground, ground and four upper floors.
The property is fully let to three tenants, Ebiquity Plc, TotallyMoney Limited and Recorded Future, with a passing rent of £2,202,552 per annum, equating to £68.00 per sq ft.
Karen Mason co-founding partner of Newmanor Law commented:
“We are delighted to have completed the purchase of Chapter House for RTP Global Real Estate in just over one month, during the lockdown period, which brought its own difficulties.
“Our team worked very hard and collaborated closely with our client to ensure this transaction was delivered on time, which was especially gratifying in the current market conditions.
“As the acquisition involved a newly completed, fully let development there were a lot of issues to consider and resolve, but I’m happy to report this was undertaken in the smooth, efficient manner for which Newmanor Law is building its reputation.
“RTP Global Real Estate is a new client for Newmanor Law and is targeting prime commercial assets, as it looks to expand it’s portfolio. We are confident this will be the first of many transactions we under take for this client.
“My co-founding partner James Dakin has already been instructed on the funding of the Property.”
Newmanor Law and Crossland Otter Hunt acted for RTP Global Real Estate, whilst the seller was represented by Cushman & Wakefield, Colliers and Wedlake Bell.