Lord Sugar’s Amsprop Estates has bought another commercial building in the heart of London’s Shoreditch, EC2.
The investor has bought 2-4 Paul Street from a private Greek investor.
It paid around £6.5m for the 9,308 sq ft block reflecting a net initial yield of circa 3%.
On the corner of Paul Street and Worship Street, the office-led block will have vacant possession from May 2015 meaning there is strong scope for rental growth.
The acquisition follows Amsprop buying 8-10 Charterhouse Buildings, and 60 and 68-70 Goswell Road, EC1, near the Old Street Roundabout in November 2013.
The company is expecting rents in the area to boom when Crossrail arrives.
Daniel Sugar, managing director of Amsprop Estates, said: “We believe this is a good-quality freehold that offers substantial opportunities to grow the yield profile.”
Allsop advised the vendor; the buyer was not represented.
