A freehold office building at No. 146-150 City Road, for £4.25m (£382 psf), a net initial yield of 6.61%. A Barclays branch occupies the whole property on an FRI lease with three years unexpired.
Gilray House is situated on the west side of City Road between the junctions with Baldwin Street and Peerless Street to the north of Old Street roundabout. 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. The property sits within Moorfield’s conservation area.
Gilray House is an attractive building, well located in an area that has seen unprecedented demand from the technology, media and telecommunications sectors over the last three years. The technology sector in particular has proved extremely resilient to the downturn in the global economy, and according to the London Stock Exchange is now worth more than it was in June 2007. In Central London, tech sector take-up more than doubled between 2010 and 2011.