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Avignon Capital acquires listed office building in Shoreditch

Avignon Capital, the European property investment specialist, has completed the acquisition of the Old School House building in Shoreditch, East London, for GBP5.1 million. 

The Grade II* Listed Victorian property, built in 1865 and formerly used as a Church school house, measures 4,588 sq ft and contains three floors of office space. Upon acquisition, the Old School House had a 2.53 per cent net initial yield (NIY) and a passing rent of GBP29.81 per sq ft.

Shoreditch is currently a hub of rapid development and the historic Old School House stands in the midst of this; situated at 66 Leonard Street, EC2, it lies between Liverpool Street and Old Street, within a short walk of Clerkenwell (EC1).

The interior of the Victorian property has been converted from a church school house into character offices, creating a unique and highly-desirable working space. During this, the building has retained the majority of its 19th century period features, including the 150-year-old stone façade and timber barrel vault ceiling.

Avignon Capital’s investment strategy for the Old School House is to grow the property’s revisionary income profile by leveraging the unique historic nature of the building.

Clive Nichol, Director of UK and European Investment at Avignon Capital, says: “The Old School House is an architecturally spectacular building and one of the most striking buildings in the East End; we are incredibly proud to add it to our portfolio.

“Avignon Capital has recognised a unique investment opportunity to acquire a 150-year-old building with both a rich history and an exciting future in a diverse and developing location.

“With this acquisition we continue to demonstrate our ability to add distinctive properties to our portfolio and identify value in Europe’s key property investment hubs.”

This year has seen significant additions to Avignon Capital’s portfolio of European real estate assets. The firm’s most recent acquisition was the Berliner Union Film Campus, a 24,000 sq ft film campus containing office, studios space and warehouse accommodation. 

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