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Traditionally, Farringdon was regarded as a fringe London market, off the radar for many institutions. But as the capital’s infrastructure network is revamped, developers are taking note. The area looks set to be a major beneficiary of London’s transformed transport network, being the point at which the London Underground, the £16bn Crossrail system and the upgraded Thameslink overland rail network will meet.
The area on way to achieving rental highs of 2007. Clerkenwell reached a rental zenith four years ago when DSA Engineering paid £45/sq ft for 3,500 sq ft at 77-79 Farringdon Road. It seemed that the area had come of age.
Funds and property companies bought from private owners, but then rents started to slide back to the mid-£30s/sq ft when the downturn began. It is time to test the traditional Clerkenwell market again. Earlier this week, LaSalle Investment Management achieved practical completion on 2 Pear Tree Court, a refurbished warehouse just off Farringdon Road, north of Clerkenwell Road.
Warner Estate has sold 24/26 Minories in the City of London to Scottish Widows Investment Partnership and Endurance Land for £5.2m.
SWIP Property Trust and Endurance Land announce they have acquired the freehold interest in 24-26 Minories London EC3. The purpose built office building comprises five floors of office space and ground floor of retail is located in the city of London close to Aldgate tube station.