The joint venture between the Carlyle Group and Generation Estates has forward sold its 25,000 sq. ft. office development at 122-126 Back Church Lane in Whitechapel to Boultbee Brooks for circa £12.5m. The site was acquired last year and is now under construction due for completion next summer. The joint venture which is focused on purpose built student accommodation acquired the property together with 60 Commercial Road which is being developed to provide 417 beds.
“A planning condition requiring the offices to be developed before the student accommodation could be occupied was best satisfied by a signal party undertaking both developments. The deal with Boultbee de-risks the project from our perspective allowing us to focus on the student element.” said Gareth Davies, Director Generation Estates.
The transaction was concluded following a very short and well targeted marketing campaign run by CBRE and Hatton Real Estate which produced nine offers for the property which is located in the increasingly attractive and fast changing eastern City fringe.
Student Accomodation Real Estate Specialists