Formal adds City office building to portfolio
9-10 Tokenhouse Yard
Monday 23 September 2013
The property company Formal Investments has acquired 9-10 Tokenhouse Yard in the City of London to add to its growing portfolio of office and commercial premises.
Such good deals are few and far between, but we remain keen to find similarly attractive propositions in London and beyond
Formal Investments, which has it’s UK Headquarters in Cheltenham, Gloucestershire, has purchased a 150 year lease on the 7,550 square foot (701 square metre) office building in the heart of the City.
Global financial group JP Morgan Chase Bank has a 50 year lease on the offices but is not currently occupying the property which is in the Bank Conservation Area and close to the Bank of England.
The acquisition forms part of Formal Investments’ ongoing expansion strategy and it continues to look for the right deals in the capital and elsewhere.
“We intend to continue increasing our portfolio, where the investment fits our objectives. 9-10 Tokenhouse Yard is an excellent addition, with a long tenancy and superb location,” said Nicholas King, Formal Investments’ Managing Director.
“Such good deals are few and far between, but we remain keen to find similarly attractive propositions in London and beyond.”
Formal Investments’ portfolio of office buildings includes Festival House in Cheltenham and Building 2180 at Thorpe Park, Leeds. Current refurbishments and extensions include 21 Queen Street in Leeds, Trinity Court in Exeter and Railway House in Gloucester.
Its industrial properties include Trident Business Park in Didcot, the Magna Park (Lutterworth) distribution warehouse Hydro, TNT’s distribution centre in Rugby and Formal Industrial Park in Tewkesbury.
9-10 Tokenhouse Yard, located off Moorgate at EC2R 7AN, has an upper and lower ground floor, three further floors and a basement.
Formal Investments was advised by, Bruce Hodges Property Services & Consultants and Cherry Hancock of Shoosmiths Solicitors, Birmingham. The price paid is not disclosed.