Clearbell Sells 3 Harbour Exchange for £37m
1st December 2016
Clearbell today announces that Clearbell Property Partners II LP (“CPP II”), has sold3 Harbour Exchange, a multi let office building in the South Quay area of the Docklands, to Lee Kum Kee, an established manufacturer of Chinese saucesand condiments.
The office at Harbour Exchange on the Isle of Dogs in 2014, was acquired as part of a strategy to capitalise on the ripple effect out of prime London locations.
The investment is located close to Canary Wharf and South Quay DLR station, well positioned to benefit from planned infrastructure development in the area.
Asset management initiatives include renewing leases and upgrading vacant accommodation and common areas, to improve incomes. Significant M&E replacement works were undertaken to improve the energy efficiency of the office space and reduce running costs.
Following the refurbishment, over 70,000 sq ft of vacant space was let. This drove rents upwards with the final deal concluding at £35/sq.ft. Lee Kum Kee will occupy one floor of the building.
Rob West, Partner at Clearbell, said, “Harbour Exchange was purchased at a sensible price, recognising the opportunity to improve the offices and secure new tenants. Having improved the quality of the offices we have been able to attract tenants from all parts of London looking for value and accessibility”
Clearbell Property Partners II LP remains invested in two additional office buildings at Harbour Exchange.
Gryphon and Knight Frank advised on the deal.Back to news