Former 1930s factory office building sold in £103m deal

An office building in central London has been acquired by clients of a global investment firm in a £103m deal.

Property investment firm Derwent London has exchanged contracts to sell the freehold of The Buckley Building at 49 Clerkenwell Green to unnamed clients of CBRE Global Investors.

Acquired by Derwent London in 2007, the former 1930s factory underwent a full refurbishment in 2013 which opened up 10,000 sq ft of additional space, as well as the addition of external terraces and a repositioned building entrance to face Clerkenwell Green.

The 85,100 sq ft office building is multi-let and represents a ‘topped-up’ income of £4.87m to the buyer.

Paul Williams, chief executive at Derwent London, commented: “The disposal of The Buckley Building is a further example of our strategy of selling mature assets.

“This disposal takes our total sales so far this year to over £180m, proceeds of which will be recycled into our substantial on-site development programme.”