Description of 160 Old Street
160 Old Street is a new office development in London EC1.
The existing 97,800 sq ft Royal Mail building is replaced by ca 156,900 sq ft of high-quality office space.
The property sits on a site of 0.83 acres.
2013 April - The Great Ropemaker Partnership (“GRP”), a 50:50 Joint Venture between Great Portland Estates plc (“GPE”) and The BP Pension Fund acquires 148 Old Street, EC1 from The BP Pension Fund for £30.0 million, reflecting a capital value of £307 per sq. ft. and an initial yield to GRP of 6.93%.
The old building was a 97,807 sq. ft., office building arranged over lower ground, ground and six upper floors. It is held freehold and was let to Royal Mail Group Limited at a rent of £2.17 million per annum (£22.19 per sq. ft.) until 2020, with a rent review and tenant break option in May 2015.