The real estate investment trust, McKay Investments, has sold two adjoining offices on Blackfriars Road for £21.5 million to the Barts Charity.
The properties are located on the South Bank, opposite Southwark tube station. The larger of the two, at 203 Blackfriars Road, was built in 1985. It was bought by McKay for £3.9 million in 1999 and occupied by Lloyds Bank until its lease expired in 2011.
At that time, McKay carried out refurbishment and pre-let the building to the Overseas Development Institute, which has nine and a half years left on its lease.
The smaller property, 202 Blackfriars Road, is a period building let to IT Training Rooms Limited until December 2019, at a rent of £52,000per sq ft.
Simon Perkins, managing director of McKay, said: “The comprehensive refurbishment works repositioned 203 Blackfriars Road, enabling us to take advantage of the significant improvement in rental values in the Southwark market."
Savills acted for McKay and Gryphon acted for Barts Charity.
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