July 11, 2019
Angle Property and Palmer Capital announce the sale of the recently refurbished, mixed-use development at 1 Clink Street near Borough Market in London SE1. The development comprises 5 floors of fully occupied warehouse-style office accommodation, three high-end apartments at roof level with a GBK restaurant and the Clink Museum at ground floor.
The property was sold for £18.825m to Nuveen, a global investment manager based in London, reflecting a NIY of 5.7%.
Clink Street was a development funded by Palmer Capital Development Fund III, a programmatic venture managed by Palmer Capital that is exclusive to clients of CBRE Global Investment Partners (CBRE GIP).
James Good, Director of Angle Property commented:
“1 Clink Street was the last unrefurbished building in Clink Street and we are delighted with the finished scheme and strength of occupier demand we received. It is a classic mixed-use Southbank asset with great future performance potential.”
Chris Button, Head of REIM at Palmer Capital, commented:
“We are very pleased to announce the sale of the Clink Street development to Nuveen. This marks yet another great success for Angle Property and their work alongside Palmer Capital for PCDF III.”
For more information on Angle’s developments, or to discuss any future projects, please get in contact with James Good on 01296 688914.