Office to Rent in the City of London: New Development Acquired for £27m
Trinova Estate acquired the office to rent in the City of London at 155 Fenchurch Street on behalf of a client. Sale of the Lloyds Triangle development is the latest for Palmer Capital Development Fund.
The Palmer Capital Development Fund has sold its office to rent in the City of London at 155 Fenchurch Street for £27m. Palmer Capital sold the property in conjunction with Walbrook Land to Trinova Real Estate who purchased it on behalf of a client.
The building already boasts retail space on the ground floor as well as 42,805 sq ft of office space and is situated in the ‘Lloyds Triangle’, a prime location in the City’s insurance district. The 2010 development is already home to big names such as Eat, Carphone Warehouse and Norman Butcher Jones and the sale follows another recent Palmer Capital sale at 38/40 Eastcastle Street for £8m and Bristol’s prime office space ‘The Paragon’ for £26.5m.
Hanlon Bennett acted on behalf of Trinova Real Estate in the process and GM Real Estate and Jones Lang Lasalle acted for Palmer Capital and Walbrook.
Of the sale, Palmer Capital’s Chief Executive, Alex Price said: “This concludes a disposal program the fund has undertaken in 2011 to take advantage of the strong market interest for prime, well let, quality office buildings. We now have over 150 million British Pounds available for 2012 and 2013, putting us into pole position to buy in a market likely to see more distress.”
The sale means that the fund now has over £150m cash available for immediate investment, something that Chris Button, Director and fund manager at Palmer Capital hopes will make the company a major player next year. It hopes to take full advantage of the market at a time when the economy drives prices down, possibly providing a new office to rent in the City of London.
Director of Walbrook Land, Tim Stotesbury added: “Our redevelopment of Fenchurch Street transformed a compromised property built 25 years ago into a first class modern office building. It has attracted some of the best tenants from the insurance district. We are now seeking to acquire similar properties to build on our current development pipeline.”
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