BNP Paribas Real Estate has sold 19 Charterhouse Street, Clerkenwell, for £39.25m to Derwent London, on behalf of De Beers. The 63,700 sq ft freehold office building is let to the London College of Accountancy on a lease expiring in 2025 with a tenant’s break in 2020.
The next rent review, in 2015, is capped at £1.67 m a year. Until the review, the vendor is topping up the passing income of £1.25m. The price represents a net initial yield of 4.10%.
Paul Henwood of BNP Paribas Real Estate said: “Charterhouse is in a corner location opposite the new Farringdon Crossrail station – it was let off a low rent, with large floor plates, good natural light and the price achieved reflects the potential of the area.”