Richard Susskind and Company are delighted to announce the freehold sale of Folgate Court, Spitalfields, E1. This stunning refurbishment and development opportunity was sold by DTZ Investors to Brockton Capital LLP for £24.5 million reflecting a capital value of £736 per sq ft.
The property, located in the heart of Spitalfields, originally dates back to 1964 and was redeveloped in 2001 providing 33,296 sq ft of office and ancillary accommodation arranged over lower ground, ground and four upper floors across three buildings.
Folgate Court, which was sold with vacant possession, benefits from an excellent location in the heart of Spitalfields. The area has become one of Central London’s most sought after areas. Transport links are excellent and are set to improve further with the delivery of Crossrail in 2018 at Liverpool Street.
DTZ Investors successfully secured a planning consent to refurbish and reconfigure the existing building in 2016, including the addition of c.11,000 sq ft of rear extensions to increase the office floorspace to 44,530 sq ft, along with a new feature façade.
Richard Susskind & Co and Cushman & Wakefield represented DTZ Investors.