Clearbell Capital and Gaw Capital Partners have announced the transaction of 4 and 5 Harbour Exchange in London, with Clearbell Property Partners II (Clearbell) agreeing to sell Harbour Exchange to Gaw Capital for £36.2 million ($47.1 million).
The assets, comprising two office buildings in the Harbour Exchange estate, cover 95,000 square feet in total. Harbour Exchange is a multi-let office estate located in the Isle of Dogs, offering 1 million square feet of office space. The site is in close proximity to South Quay DLR station and is a 10-minute walk to the Canary Wharf estate, with access to the Underground’s Jubilee Line.
Clearbell acquired Harbour Exchange in February 2014 to cater for businesses looking for cheaper rents in London, having been priced out of central locations.
Gaw Capital Partners’ London portfolio includes Lloyd’s Building, 123-151 Buckingham Palace Road, Milton Gate and Tower Place.
“As freeholders of the Harbour Exchange buildings, this acquisition will enable us to further consolidate our holdings at the estate,” said Christina Gaw, managing principal and head of capital markets at Gaw Capital Partners. “These buildings represent exceptional value for tenants, providing access to class A office space in a fantastic location with excellent transport links, at rents far lower than those found in the West End, City and other fringe locations.”
