Located between Smithfield Meat Market and Holborn Viaduct, the 1970s property provides 24,000 sq ft of EC1 office space to let, which is spread over lower ground, ground and six upper storeys.
The Clerkenwell office is occupied by eight tenants and has an annual rental roll of £528,000.Among the buildings key occupiers include Brewin Dolphin Securities Ltd, Barts and The London Charity and Sun Trading International.
The EC1 office rental deal will offer UK & European a 7% investment yield and there is scope for renegotiating the office leases. The purchaser is also evaluating the potential for improving and refurbishing the building.
UK & European’s Joe Lewis commented on the acquisition saying: “We are delighted to have acquired The Smithfield Building, which is an excellent addition to our growing London portfolio, adding to the prime residential sites in Shoreditch and Canary Wharf, and recent developments such as No 1 Kingsway. This acquisition is set to significantly benefit from the development of Crossrail and provides us with a good opportunity for future refurbishment and improvement of the office space, with rental reversionary potential.”