The joint venture between The Carlyle Group and Generation Estates today announced the sale of 124-128 Goswell Road, Islington to West Sussex County Council Pension Fund.
The property comprises the commercial element of the development undertaken by the joint venture for City University London to provide new student accommodation, teaching space and a Sport England standard Sports Hall. The Student accommodation forms part of the Pure Student Living platform and comprises 805 new beds adjacent to the university’s Northampton Square campus.
The sports hall of circa 33,000 sq. ft. and teaching space of 19,300 sq. ft. are held by City University London on separate leases for terms of 25 years and subject to five yearly rent reviews where the rent is linked to RPI with a collar of 2% and a cap of 4.5% per annum. The purchaser acquired a long leasehold interest for a term of 127 years from 1st July 2012. The annual rent is just under £1m per annum.
“A number of institutions were keen to secure this RPI linked income stream secured against brand new accommodation on Goswell Road which is becoming a vibrant part of London in between Clerkenwell and Islington.” said Gareth Davies, Director Generation Estates.
JLL and GM Real advised The Carlyle Group and Generation Estates whilst the purchaser was represented by Aberdeen Asset Management and Knight Frank