Orchard Street Investment Management LLP is pleased to announce the purchase of an entity which owns Aldgate House, 33 Aldgate High Street, London EC3, for unnamed pension fund clients. The purchase price was £75m and shows a net yield to the purchaser slightly in excess of 7%. The 195,000 sq ft building is located at Aldgate, on the eastern edge of the City and just within the City boundary.
The property was identified by Orchard Street as suitable for their client's investment programme, and an unsolicited approach was made to Orion Capital Managers.
Chris Bartram, Chairman of Orchard Street said:
"We have been actively looking for City Investments for two of our clients for several months, and we are delighted that we have been able to buy Aldgate House to fulfil part of those requirements. We have the two 23,000 sq ft highest floors of the building still to let, both of which have been recently refurbished to provide first class column free modern office space. We will be offering these at rents of around £27 per sq ft, which we believe is a really attractive level for such good space."
JLL advised Orchard Street
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Orchard Street Investment Management
Established in 2004, Orchard Street Investment Management LLP is a leading specialist commercial property investment manager, focused on the UK market. It acts on behalf of institutional clients world-wide to advise on investing in and the active management of property assets, including industrial, retail warehouses, offices and shopping centres. Orchard Street currently has assets under management exceeding £4 billion.