Westbrooke Alternative Asset Management UK Limited (“Westbrooke UK”) in partnership with Argo Real Estate Limited (“Argo”) and Sterling Real Estate Limited (“Sterling”) are pleased to announce the acquisition of the leasehold interests in 38 & 40-42 Charterhouse St, London (the “Properties”) from the City of London for £5.2m.The Properties are located at the epicentre of Farringdon and are situated directly opposite the Smithfield Market which has operated as London’s principal livestock market since 1174, as well as the London Headquarters of TikTok.
Currently, the Properties are in a usable, but dated condition, producing a net total rental of £262,262 p.a. The business plan is to refurbish the Properties over the next 24 months to a prime office equivalent specification, which includes adding an additional floor to 40-42 Charterhouse St, then re-gearing the Properties at market related rentals.
Richard Asherson of Westbrooke UK commented, “We are really pleased to have closed this transaction. The Properties find themselves in a vibrant and quality London location where their potential will be unlocked as the strategy plays out.”
Sterling Real Estate’s Richard Silver added “We are excited to have completed this transaction in a prime Farringdon location opposite the new Crossrail station and look forward to working with our team of trusted consultants to reposition both buildings.”
Argo Real Estate’s Saul Forman concluded, “Argo are delighted to have completed another real estate transaction with our partners Westbrooke UK and Sterling and looking forward to creating value for our investors through carrying out the asset management business plan.”
This release is being furnished by Westbrooke Alternative Asset Management UK Limited (WAAM UK), which is an Appointed Representative of Capricorn Capital Partners UK Limited, which is authorized and regulated by the Financial Conduct Authority (FCA) No. 748414.
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