Trace secures £9.1m Clerkenwell sale and leaseback

  Trace Group has completed a £9.1m sale and leaseback of its offices in Clerkenwell, EC1.   Trace has sold the 21,709 sq ft freehold offices at 224-232 St John Street, London, EC1 to a private Irish investor for £9.1m, reflecting a net initial yield of 5.2%.    The lease is for 15 years, at an initial rent of £500,000 pa, with fixed annual uplifts of 3%.   Trace was advised by Savills;  the private Irish investor was represented by Morgan Pepper.   paul.norman@egi.co.uk