Terrace Hill sells Kean House in Covent Garden for £16 million

The Terrace Hill group have this week sold Kean House in Covent Garden for £16 million.

6 Kean Street compromises of 26,000 square feet of prime office space and has been bought by a major UK institution at a net yield of 6.4%. Terrance Hill, the AIM listed development and investment company, completed the scheme 3 years ago and has since multi-let the premises to various tenants the Virgin Green Fund and Barrow Cadbury Trust. Doherty Baines acted for the purchaser while Terrace Hill acted for itself. The sale follows the recent re-letting of the entire fifth floor, comprising of 2,993 square feet of office space, to ChannelAdvisor.

ChannelAdvisor relocated from their UK headquarters in Richmond to the site in 2007, taking the lease on a 5 year lease at a rent of £127,200 per annum, which equates to around £42.50 per square foot.

The development is situated on the eastern boundary of Covent Garden and is made up of prime Grade A office comprehensive office refurbishment arranged over a basement and 9 upper storeys. The two retail units fronting Kingsway are are occupied by Costa coffee and Adecco. Currently one floor remains vacant in the building totalling 2,953 square feet on the third floor.

Philip Leech, Chief Executive of Terrace Hill, said; “This sale demonstrates that there is strong demand in the market for good quality, well managed assets – particularly central London offices. This disposal will allow us to recycle the capital into profitable new projects, further enhancing our shareholder’s capital invested in our business.”

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