Prime freehold office investment, Clerkenwell, sold for £31.6m

GE Capital Real Estate and Endurance Land have sold the freehold interest in The Lever Building, 85 Clerkenwell Road, London EC1 to Amsprop for £31,600,000 reflecting a net initial yield of 4.04%.

The Victorian warehouse building has been comprehensively, yet sensitively, refurbished and converted into a contemporary, highly functional, Grade A office space arranged over lower ground, ground and fiver upper floors.

Totalling 30,637 sq ft (2,846 sq m), the building has been let this year, in its entirety, to Tesco Holdings Limited on an 11-year lease at an annual rent of £1,350,000, with an upward only rent review in the fifth year. This equates to a current rent of £44 per sq ft (£473.62 per sq m).

DTZ advised the vendors and Amsprop was unrepresented.