Avignon Capital, has bought the Old School House building in Shoreditch, for £5.1m – a 2.53% yield.
The grade II listed Victorian property, at 66 Leonard Street, EC2, comprises 4,588 sq ft of office space and a passing rent of £29.81 per sq ft.
The asset has been converted from a church school house and retained the majority of its period features, including the 150-year-old stone façade and timber barrel vault ceiling.
Avignon aims to capitalise on the property’s reversionary rent and make the most of occupier demand for Shoreditch office space.
Clive Nichol, director of UK and European investment at Avignon Capital, said: “The Old School House is an architecturally spectacular building and one of the most striking buildings in the East End; we are incredibly proud to add it to our portfolio.
“With this acquisition we continue to demonstrate our ability to add distinctive properties to our portfolio and identify value in Europe’s key property investment hubs.”
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