French investor Sofidy has bought a mixed-used block in the heart of London’s Midtown for just over £18.5m.
The investor, acting on behalf of fund SCPI, has bought the 34,000 sq ft 36-38 Hatton Garden, EC1, from Orchard Street Investment.
The five-storey Diamond House building has an EPC B rating and is multi-let to tenants including entertainment company Underbelly and philanthropic investment firm Omidyar Network at rents around £70 per sq ft, according to EG Radius data.
Sodify said that after the reletting of part of the vacant areas, the gross yield on the deal would amount to 8%.
Jean-Christophe Avellaneda, Sofidy UK investment director, said: “Thanks to recent redevelopment in the Farringdon area, including the opening of the Elizabeth Line, the district is expected to post strong rental growth over the coming years.”
Orchard Street bought the building in 2017 for around £29m.
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