Our team: Matthew Williams
Fladgate LLP has advised Terrace Hill Group, a UK property development and investment group, on the sale of the free freehold interest in its Kean House development in Covent Garden, London to a major UK institution for a total consideration of £16 million, representing a net initial yield of 6.4 per cent.
Situated on the eastern boundary of Covent Garden and close to Holborn tube station, 6 Kean Street comprises a 26,000 sq ft prime Grade A comprehensive office refurbishment arranged over a basement and nine upper-storeys, together with two retail units fronting Kingsway. Completed by Terrace Hill in November 2007, the property is multi-let to a number of strong tenants, including Barrow Cadbury Trust and Virgin Green Fund (VGF Advisors UK LLP). The retail units are occupied by Costa Coffee and Adecco.
Fladgate property partner Robert Muir advised Terrace Hill with assistance from associate Matthew Williams. Commenting on the deal Robert said: “We were delighted to advise on this sale which was one of a number of investment sales and purchases on which we have recently been instructed. This is, hopefully, indicative of a sustained level of increased activity in the sector.”