Evans Randall has acquired the last piece of property needed for the assembly of a site less than 300 metres from the soon-to-be-opened Crossrail station at Farringdon.
The private equity firm has purchased off-market 20-25 Glasshouse Yard, EC1, for £7m, equating to £1,000 per sq ft.
Located just off Goswell Road, the 7,500 sq ft building is adjacent to the 47,000 sq ft Amazon-let office building, known as the Amazon Development Centre, which Evans Randall acquired for £40m in November last year from Columbia Threadneedle.
Together the site represents a significant redevelopment opportunity, the firm said.
Amazon has around four years left on its lease at 26-28 Glasshouse Yard, which it uses as recording studios for its audio books business and as an incubator for new businesses; and Evans Randall has recently let 20-25 Glasshouse Yard to York St John University on a 10-year lease with a break that coincides with the end of Amazon’s lease.
“This location is undergoing an immense transformation, driven by the arrival of the Elizabeth line at Farringdon station in 2018,” said Paul Kendrick, chief investment officer at Evans Randall.
“This purchase significantly increases the asset management potential across both buildings, with the acquisition and subsequent letting providing a stable income alongside attractive future redevelopment potential.”
Colliers’ City fringe team advised the vendor on the sale.
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