We are pleased to announce that we have acquired Units 4 & 5 Blackfriars Circus on behalf of a private client.
This Blackfriars investment property is part of the new development being built by Barratt London at Blackfriars Circus. When completed, the development will comprise of 336 new homes in addition to 40,000 square feet of new retail and employment space. This rapidly changing area is a magnet for investors looking to acquire properties which will increase in value and, as one of the leading London investment agents, RIB have recently been very active in Blackfriars Circus. In addition to this Blackfriars investment purchase, we also completed on the purchase of Unit 11 Blackfriars Circus which we are currently in the process of letting out.
The two units which we acquired are both let to Starbucks Coffee on a new 10-year lease. This makes them an attractive investment for any purchaser due to the strength of the covenant. We were especially pleased to complete on this purchase due to the covenant strength of the lessor, the length of Starbucks’ lease, as well as the ‘up and coming’ nature of the area. We are certain that there will be further lettings in the area to Grade A retailers as the area continues to develop and improve further as Barratt’s project takes shape.
Speaking to our investment agent Daniel Freedman, he stated the following: “having already had significant dealings in the Blackfriars Circus area from both an acquisitions and a commercial lettings perspective, we were delighted to have completed on the purchase of this fantastic investment property in a highly sought-after area. We are confident that properties in this area will continue to appreciate in value and Blackfriars Circus is an excellent part of London to invest in for the future.”
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