Addington Capital and its joint venture partners have sold 8-12 Hessel Street, London, E1, to a private family office for £2,025,000 after a “competitive” bidding process.
The freehold block, which is located in Aldgate East, comprises six apartments over the first, second and third floors and two commercial units.
Fred Verity, associate partner at Addington Capital, said: “Our business plan for 8-12 Hessel Street has been successful. The scheme has been improved and we have reached the right stage in our cycle to sell.”
Matthew Allen, principal at Addington Capital, added: “This deal shows there is still strong private investor demand for freehold residential blocks in London zone one. We had competitive bidding for 8-12 Hessel Street and achieved pricing equating to circa 5% on gross contracted rents. Investors are confident that the unprecedented rental demand is going to remain for some time to come, particularly given the shortage of PRS stock in London.”
Agents for the vendors were Estate Office.
