Commercial property specialist RX London has advised UBS on its purchase of the long leasehold interest in 12-14 New Fetter Lane, London, for £135 million.
The transaction, on behalf of a private client, is one of only three £100million-plus deals to have exchanged contracts in Central London in Q4, 2023
The property was developed by GPE in 2015 and comprises around 145,000 square feet over 15 storeys. It is let to Bird & Bird for a further 12 years for an overall rent of £58.00 per square foot.
The investment in 12-14 New Fetter Lane offers an attractive blend of secure income balanced against significant short term reversionary potential in a Crossrail impacted micro-location, says RX London,
The asset was sold by Nuveen Real Estate’s Cityhold office partnership. The leasehold has around 142 years remaining. The freeholder is City Corporation.
