Schroder Real Estate has announced the completion of the sale of 4 Chiswell Street to the City of London Corporation.
The Grade A office building comprises approximately 40,000 sq ft of offices over nine floors and overlooks the Honourable Artillery Company’s grounds. The property is strategically located on the boundary of the City Core and Old Street benefiting from excellent transport links with Liverpool Street, Moorgate and Old Street Stations all within a short walk.
Schroders has owned the asset for 27 years and the sale comes as a result of completion of a comprehensive refurbishment and repositioning of the asset. Following the refurbishment Schroders re-let the high quality, modern offices to a range of tenants from the professional services and financial sectors setting new rents in the building.
Jourdan Rajwan, Investment Manager at Schroders, said: “Chiswell Street has enjoyed strong performance in the 27 years that it has been part of our portfolio. In this time, we have seen this area of the City undergo a significant change in both amenity and the type of tenants it has attracted. This sale marks the completion of what has been an extremely successful last cycle of the asset-specific business plan – enabling us to recycle further capital into our portfolio.
“The scheme’s high-quality and modern office space has proved popular among tenants. Combined with the convenient location and enviable views, the building has an edge among its neighbours, ensuring that it is likely to remain a popular business address for occupiers.”
Tom Sleigh, Chair of the Property Investment Board, City of London Corporation, added: “4 Chiswell Street is a welcome addition to our property portfolio. This site is located in a vibrant part of the City that will appeal to a wide range of tenants, especially as Crossrail is set to make it even better connected.”
JLL, BNP Paribas Real Estate and Stephenson Harwood acted for Schroders. CBRE acted for the City of London Corporation.
