A Hong Kong developer is heading to London’s Shoreditch in a sign of the growing international interest in the area’s office market.
Private company Sigrid Holdings, advised by CBRE, has bought vacant office block 79-81 Paul Street, EC2, from Torrello Properties for £7.2m.
Previous plans for the building included a near doubling of its 9,260 sq ft of office space and the addition of four flats.
Sigrid is betting on an anticipated 33% increase in rents, which could be achieved at the building following a refurbishment.
Secondhand space in the area commands rents of around £45 per sq ft but new and refurbished floors are attracting more than £60 per sq ft.
Shaun Simons, director at Hatton Real Estate, which advised the vendor, said: “This is yet another sign that the City fringes are now a real area of focus for the global investment community.
“Overseas parties are actively looking at the area as an alternative to the West End and City because it still offers value for money and there is big occupier demand for office space.”
