Endurance Land are pleased to announce the sale of 115 Southwark Bridge Road, London SE1 to Henderson Global Investors.
The 10,609 sq ft multi let office building had been comprehensively refurbished by Endurance Land in 2008 to provide high specification offices with many of the original warehouse features being retained.
A headline rent of £39.00 p.s.f. was achieved on the top two floors (3,764 sq ft) were let to Health Management on a 10 year lease. The price achieved, £4,214,000 reflects a Net Initial Yield of 7.52% in excess of £400 p.s.f.
Jonathan Fletcher, Managing Director of Endurance Land, commented: “..having purchased this asset in 2007 with an 18 month lease back and then undertake a complete refurbishment and fully re let the building is an excellent result. Considering the current climate, to return all our equity and bank debt with an additional profit is a testament to the quality of the asset and the professional approach of our team…”
Endurance Land will use this capital to continue its current acquisition programme for opportunities that provide above average returns reflecting the risks in the current climate.
Ingleby Trice acted for Endurance Land & Capita Symons acted forHenderson.