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Endurance Land are pleased to announce the sale of 115 Southwark Bridge Road, London SE1 to Henderson Global Investors.
A new 258 room hotel scheme has been approved for the City’s eastern fringe, promising the novelty of both a green wall and roof, and exterior cladding in kitchen worktop material Corian.
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.