DTZ investors have bought the commercial and freehold investment in the Eagle House development owned by Mount Anvil, one of London’s residential developers.
Following lettings of a 15,000 sq ft Sainsbury’s store, 2,600 Pret A Manger and 31,000 sq ft Avanta, this new deal will continue the take-up of commerical space. The deal has been executed on behalf of a pension fund client for an estimated £540 per sq ft with a yield of 5.73%.
This imposing 27 storey building in London’s Tech City, nicknamed The Eagle, is a mixed use development, estimated to be completed next July. It has been inspired by the Art Deco era and boasts over 200 private apartments, 70 affordable homes and 60,000 sq ft of office and retail space. Mount Anvil purchased the site in September 2012 as they co-invested with Morgan Stanley and Area Property Partners.
The director of Forty Leisure is Matthew Shefras who gave asset management and lease engineering advice to Mount Anvil.
He commented on the deal “The transaction represents an upward trend of predominantly residential-led developers being able to produce and deliver viable mixed-used schemes.”
Killian Hurley, chief executive, Mount Anvil, said “The Eagle is an iconic development in the heart of one of London’s most sought after places to live and work. We are delighted that we will be handing over its long-term management to an organisation that shares our vision for creating homes that leave an outstanding legacy for London.”
Savills acted for DTZ Investors whilst Allsop, Stephen & Matthews and Nash Bond acted for Mount Anvil.