19-21 Great Tower Street, City of London, EC3

BBG Advised a private UK investor and has bought the freehold investment of 19/21 Great Tower St, EC3 for £13.70m, representing a Net Initial Yield of 6.00% and a capital value of £770psf.

The building is opposite Ivanhoe Cambridge’s landmark 250,000 sf Minster redevelopment http://theminsterbuilding.com/files/TheMinsterBuilding_Brochure.pdf and comprises 17,831sq.ft. of offices. There were three retail units at ground floor and basement levels benefitting from the growing footfall along Eastcheap and Great Tower Street.  BBG’s client will refurbish the common parts and reposition the building to take advantage of upcoming lease events. The second floor (2,218 sf) is the only available floor and will be offered in the market shortly.