SE Land & Estates, the private UK property company, has acquired the freehold interest in 14 Baltic Street East in Clerkenwell, London EC1.
The property, purchased in a rare off-market transaction from a private investor for £2.375 million reflecting a capital value of £683 per sq ft, has been held in the same family since pre-war time, comprises a characterful converted Victorian warehouse building situated within 500m of Old Street Roundabout and Farringdon East Elizabeth Line station. The building provides 3,500 office and showroom space over five floors, with full vacant possession achievable in September 2022.
Avi Orenstein, Investment Director of SE Land said: “We are delighted with the acquisition of this iconic purpose-built Victorian warehouse in this outstanding Crossrail location. The acquisition aligns with our strategy to re-position strong under-lying assets in core locations, in order to deliver more relevant, sustainable workplaces in a rapidly changing occupational landscape”.
Josh Perlmutter, Associate Director of Compton, said: “Strategically located close to Farringdon and Old Street, the property was a hidden gem and rare off-market opportunity. We’re delighted to work with Avi and his team on the successful acquisition of this property and excited to continue to work together on the repositioning and leasing of this building, to provide a sustainable, high-quality, beautifully designed workspace, where the very best of modern design meets the industrial charm of this vibrant Clerkenwell location”.
SE Land is a private property company, which buys, develops and manages real estate across central London. It has been active for over 30 years with assets in the group of companies exceeding £200 million. This acquisition represents the fourth significant Central London acquisition for SE Land in the last nine months, following deals in Soho, Shoreditch, and Southwark.
Compton and Ingram Winter Green advised SE Land & Estates, with Richard Susskind and Quinta Law advising the seller.