- What HB Reavis has bought Quick & Tower House for £63.5m
- Why Potential to redevelop the site given the leases are due to expire in December
- What next Plans in place for 135,000 sq ft scheme, although Reavis is expected to revisit the proposals
HB Reavis has completed its purchase of Quick & Tower House, a major redevelopment opportunity in Shoreditch.
The developer has paid a joint venture between Hobart Partners and Bridges Fund Management around £63.5m for the site at 67-73 Worship Street and 65 Clifton Street, EC2, reflecting a yield of 2.45% for the freehold assets, or £1,211 per sq ft.
The 54,000 sq ft two-building development is fully let to four tenants until December 2020 paying a rent of £1.57m per annum or £30.18 per sq ft. The site has been sold with planning in place for a circa 135,000 sq ft Make-designed office scheme. The plans are for a 12-storey scheme, with nine floors above ground.
However, HB Reavis may look to stamp its own brand on the development by working up fresh proposals for the site.
Hobart and Bridges bought Quick & Tower House from Aberdeen Standard Investments in October 2017 for just over £35m with plans to redevelop the buildings. The price reflected a yield of just north of 4%.
Cushman & Wakeeld advised HB Reavis; BNP Paribas Real Estate acted for Bridges Fund Management and Hobart Partners.