News: Powell Williams advises on £11.75m London office acquisition for Anglezark

Anglezark has purchased 17-20 Ironmonger Lane, in the City of London for £11.75m from CBRE Global Investors.

Powell Williams provided the technical due diligence for the 12,000 sq ft acquisition, which completed in mid-2017.

Location, location, location

Primarily office accommodation, the five storey building is also home to the famous Harry’s Bar, which occupies the basement and part of the ground floor. Popular Vietnamese street food outlet City Caphe occupies the second ground floor unit.

Its location in the heart of the City, between Cheapside and Gresham Street near to the Bank of England, makes 17-20 Ironmonger Lane ideal for City businesses. The four floors of office accommodation are fully let to professional firms in fields such as headhunting, stockbroking and public relations.

The acquisition is the latest buy for Anglezark, the investment and asset management firm.

Matt Kelly, Anglezark owner, said:
“This acquisition is a long term investment in a great building with solid tenancies, which will provide a strong return. It neatly complements the growing Anglezark portfolio, which has similar assets throughout London, in Soho, Midtown and the West End.

“There is no radical plan for the building, but we will steadily make improvements. Powell Williams’ assistance gave me comfort that the building was as expected, and they have provided the cornerstone of the ongoing planned, preventative maintenance programme that we will be putting into place.”

Powell Williams partner Martin Hunt, based in the Chester office, added:
“Although inspired by Georgian townhouse design and the faithful use of traditional London stock brick and timber sash windows, the building is in fact a 1950s construction.

“It lies within the Guildhall Conservation area, which impacts somewhat on our recommendation for the future maintenance requirements, but overall is in a good state of repair. We’re pleased to have been able to support Anglezark in this acquisition and provide advice to securing the long term success of the building.”

Additional advisors

Anglezark were represented by Corbett Northam and CBRE Global Investors were represented by CBRE.