DLN : Derwent London buys Angel Square in EC1
Derwent London, which owns a number of properties close to Angel and Old Street tube stations, has acquired the freehold of Angel Square, London EC1 for £75m. The property sits on the corner of Islington Street and City Road, directly above Angel tube station. It consists of three multi-let connected buildings around a central courtyard. It principally comprises 128,700 sq ft (11,960m(2) ) of offices. The passing rent is £2.4m per annum and 12,950 sq ft (10% by area) is vacant. Rents on the let space range from £10 to £30 per sq ft, with an average of GBP21.68 per sq ft. The majority of the leases expire in March 2015. The net initial yield is 3.05%, which reflects a capital value of c.£610 per sq ft after costs.