Resolution acquires Charlotte Street offices
21 February 2007
£15.1 million sale and leaseback transaction in London W1
Resolution Asset Management has just acquired the freehold of 48-54, Charlotte Street, London W1 in a sale and leaseback transaction from Amol (UK) Ltd for £15.1 million.
The building, designed on lower ground, ground and four upper floors provides 24,423 ft² (2.269.9 m²) of office accommodation, is being taken on a fifteen-year lease, expiring in August 2021 and with 5 yearly upward only rent reviews.
After an initial rent holiday, a regime of fixed annual uplifts between £745,000 and £956,000 gives an initial yield of 4.67%.
King Sturge acted for Resolution and Amol (UK) were advised by Lambert Smith Hampton.
