The acquisition of 20-26 Brunswick Place, London N1, an 11,592 sq ft former Victorian warehouse building well located in an area that has seen unprecedented demand from the technology, media and telecommunications sectors over the last three years. The acquisition cost was £4.15m, a NIY of 7.54%.
The transaction comprised a sale and leaseback. The owner occupier, Somethin’ Else Sound Directions Ltd, has taken a new 10 year lease of the whole building.
Somethin’ Else is a content design and creation agency which has been trading since 1991. One of the largest independent radio production companies in the UK, the company was one of the finalists in the creative agency of the year category (2011 NMA Awards).
20-26 Brunswick Place provides office accommodation arranged over basement, ground and three upper floors and has been refurbished during the last three years to provide contemporary work space, typical of that expected by Shoreditch occupiers.
Brunswick Place is located a minute’s walk north of Old Street roundabout, within Moorfield’s conservation area. The surrounding area attracts a diverse occupier base, drawing in the arts, fashion and technology industries. It has become a vibrant location for residential, retail and restaurant uses.