London & Regional sells The Epworth for £73m
London & Regional has completed the sale of a Shoreditch office block for £73m to the European Property Investment Corporation.
The pair exchanged contracts on Christmas Eve and have closed the deal this week.
The Epworth, which spans 61,774 sq ft across eight floors, is an Art Deco office built in the 1930s and redeveloped by L&R.
London & Regional has completed the sale of a Shoreditch office block for £73m to the European Property Investment Corporation.
The pair exchanged contracts on Christmas Eve and have closed the deal this week.
The Epworth, which spans 61,774 sq ft across eight floors, is an Art Deco office built in the 1930s and redeveloped by L&R.
Allsop advised L&R on the sale, which took place following an uptick in activity after the 12 December General Election.
The property agent said it has transacted 20 deals equalling more than £330m in the seven weeks since the General Election.
The deal haul includes the sale of The Epworth, as well as the purchase of 10 Old Bailey, a 74,603 sq ft office investment on behalf of an overseas investor for £60.9m, 90 Chancery Lane, WC2, and a 33,408 sq ft office and retail investment on behalf of an overseas investor for £33.9m.
Scott Tyler, senior partner at Allsop, said: “While demand for commercial property in London, and across the country, has remained high in the years since the referendum, it is no secret that market activity was subdued for much of the year, with investors adopting a ‘wait-and-see’ approach.
“Since the election, there has been a notable shift in sentiment across the market and we have seen a number of highly motivated investors keen to transact. 2020 has started in the best way possible and we are hopeful this renewed positivity continues throughout the year. However, much will depend on the forthcoming trade negotiations and securing a deal that protects both the UK economy and property market.”
Figures by Allsop reveal a 21.1% dip in commercial property deals in 2019 compared to 2018 levels.
In contrast, the market saw a significant uplift in activity in the final weeks of the fourth quarter. The City of London alone recorded £3.62bn of transactions in Q4 as a result, reflecting a 50% increase on the third quarter and a marginal increase on Q4 in 2018 (£3.35bn).
This flurry of activity was mirrored in London’s West End market, with Q4 volumes up by 12% compared to Q4 in 2018.
To send feedback, e-mail anna.ward@egi.co.uk or tweet @annaroxelana or @estatesgazette
