City Corporation sells long leasehold historic property
The City of London Corporation has today announced the sale of a 150-year long leasehold at 1 – 5 London Wall Buildings, EC2.
Angelo Gordon LLP and Endurance Land Ltd purchased the interest for £97.125m following a competitive bidding process managed by Cushman & Wakefield LLP on behalf of the City Corporation.
The 19,445 sq m (209,307 sq ft) Grade II listed building produces an annual rent of £4m from 36 tenants and offers the opportunity for a phased refurbishment or full refurbishment in 2022.
Tom Sleigh, Chair of the Property Investment Board said:
“This sale reflects the strong investment demand for properties located in the heart of the City of London.
“While the City Corporation retains the freehold, we look forward to working together with Angelo Gordon and Endurance Land to modernise this historic building.”
Mike Diana, Managing Director, Angelo Gordon said:
“We are delighted to have worked with the City of London Corporation to acquire 1-5 London Wall Buildings with our partner Endurance Land. The purchase gives us a fantastic opportunity to refurbish a historic asset that is ideally located to benefit from the impending completion of Crossrail and the reactivation of Finsbury Circus.”
Jonathan Fletcher, CEO Endurance Land, said:
“The purchase is our second JV with Angelo Gordon and we look forward to working with them and the City of London Corporation to deliver a first class building in an outstanding location.”
Notes to editors
The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk
About Endurance Land
Founded by Jonathan Fletcher in 2006, Endurance Land is a commercial property investment and development company. Endurance Land are specialised in the active management of buildings that require refurbishment or development, primarily within Central London and the M25.
Endurance Land have a strong track record of providing superior returns to investors over the last ten years, advising, developing & refurbishing assets with an asset value in excess of £1bn.
The company’s mission is to apply an innovative approach to the investment and development of UK properties, utilising an experienced team, using the best techniques to implement sustainable business plans.
Further information can be found at www.enduranceland.com
About Angelo Gordon
Angelo Gordon is a privately held limited partnership founded in November 1988. The firm currently manages approximately $32 billion with a primary focus on credit and real estate strategies. Angelo Gordon has over 480 employees, including nearly 190 investment professionals, and is headquartered in New York, with associated offices elsewhere in the U.S., Europe and Asia. For more information, visit www.angelogordon.com.