Whitbread agrees forward sale of prime Farringdon office building in central London
Whitbread has exchanged contracts to sell Zinc, a prime Farringdon office building at 68-86 Farringdon Road to one of CLI Dartriver’s investment programmes by way of a forward commitment.
The Sheppard Robson designed freehold office and retail building totals 27,754 sq ft NIA and is arranged over ground and five upper levels, including a 1,380 sq ft roof terrace.
The price agreed is £39.75m, reflecting £1,432 psf following a targeted marketing campaign to a shortlist of investors.
The prime office and retail building is being developed by Whitbread together with an adjoining 180-bedroom hub by Premier Inn hotel on the site of a former NCP car park. Construction is underway, with Practical Completion of the mixed-use development scheduled for early 2023.
Jonathan Langdon, Acquisitions Manager (Central London) at Whitbread, commented:
“Working with a talented team of construction professionals, we are transforming a former car park into a landmark mixed-use development in the heart of Farringdon. The strategic early disposal of a best-in-class office building prior to practical completion to a long -term investor is an excellent example of Whitbread’s flexible approach to development in the capital and highlights the quality of our design and construction expertise.”
Whitbread was advised by Frame Real Estate Partners and Capital Real Estate Partners. CLI Dartriver was advised by TT&G Partners.
Whitbread operates 14 hub by Premier Inn hotels across central London and Edinburgh. A further four locations are currently under construction in the capital at Paddington, Marylebone, Camden High Street and Farringdon Road.
