A group of Irish investors has sold a prime development property on the fringes of 'The City' of London' for £28.5million (€35million). The purchasers are a London-based development company, backed by a middle-eastern family and they were advised by Tim MacMahon and Marc Murphy of Allen & Townsend Chapman Petrie.
The property was sold by Farringdon Sarl, a Luxembourg-based company controlled by private Irish investors who had been expecting to sell for £24m but the residential potential of the location, near to the new Farringdon rail hub, saw it exceed expectations.
The building was put on the market in May and attracted more than 50 viewings and 22 formal offers including bids from British Land, Quadrant and Redrow.
Farringdon Sarl were reported to have bought the site at the top of the market in 2007 for £39m and achieved planning consent for 118 flats and 1,867sqm of commercial space.
Formerly home to the Guardian newspaper, the property comprises around 7,246sqm of offices over eight floors. It is multi-let, and generates an annual rent of £817,773 per annum with vacant possession achievable by March 2014.
Dublin-based Allen & Townsend teamed up with London-based Chapman Petrie in 2010 to target Irish-owned assets in UK for UK based clients and to advise Irish clients on the sale of UK commercial property assets.
With offices in London and Dublin the team concentrates on commercial investment acquisition and asset management.