Investor and developer Evans Randall Investors has put freehold office holdings principally let to US e-commerce giant Amazon in London's Farringdon, 20-25 and 26-28 Glasshouse Yard, up for sale, CoStar News can reveal.
Evans Randall Investors bought 20-25 and 26-28 Glasshouse Yard in 2018 and 2017 respectively, completing the assembly of a Farringdon site with redevelopment potential. Located 100 metres from Barbican underground station and 200 metres from Farringdon Crossrail, the buildings comprise 55,000 square feet of Grade A offices over four and eight storeys.
26-28 Glasshouse Yard has been let in its entirety to Amazon since 2012. Amazon accounts for 87% of the site’s passing rent and has extended its lease on the building on two occasions. Operationally, Glasshouse Yard is home to Amazon’s Audible UK headquarters comprising one of two recording studios in Europe, and also houses other Amazon businesses including Whole Foods and Fire TV.
Compton has been appointed to market Glasshouse Yard, which combines reversionary income and redevelopment potential. Feasibility studies show the ability to enhance its value through redevelopment, which would increase massing by 35% and deliver 74,000 square feet of grade A office accommodation. A formal guide price has not been attached.
Shaun Simons, founder of Compton, said in a statement: “Glasshouse Yard’s prime location, connectivity, the quality of its accommodation and a strong and secure tenant covenant represent an attractive proposition for investors, in addition to its significant potential for redevelopment and value uplift. The long-term tenancy of Amazon reflects the continued attraction of Farringdon for occupiers seeking office space in an amenity-rich, well-connected urban location.”
Glasshouse Yard is located close to the office homes of technology, creative, design and corporate occupiers including TikTok, LinkedIn, LiveNation, Alexander McQueen, Pepsi and Partners Group.
Evans Randall Investors is a real estate investment company based in Mayfair, London which invests across commercial assets, from prime central London offices to developments and value-add refurbishments. It entered the real estate market in 2004.
As well as investing its own equity, the company has access to private and institutional equity co-investment.