Whitbread agrees forward sale of prime Farringdon office building in central London
![68 86 Farringdon Road, Farringdon At Dusk](https://cdn.whitbread.co.uk/media/2022/05/68-86-Farringdon-Road-Farringdon-at-dusk-1280x854.jpg)
Whitbread has exchanged contracts to sell Zinc, a prime Farringdon office building at 68-86 Farringdon Road to one of CLI Dartriver’s investment programmes by way of a forward commitment.
The Sheppard Robson designed freehold office and retail building totals 27,754 sq ft NIA and is arranged over ground and five upper levels, including a 1,380 sq ft roof terrace.
The price agreed is £39.75m, reflecting £1,432 psf following a targeted marketing campaign to a shortlist of investors.
The prime office and retail building is being developed by Whitbread together with an adjoining 180-bedroom hub by Premier Inn hotel on the site of a former NCP car park. Construction is underway, with Practical Completion of the mixed-use development scheduled for early 2023.
Jonathan Langdon, Acquisitions Manager (Central London) at Whitbread, commented:
“Working with a talented team of construction professionals, we are transforming a former car park into a landmark mixed-use development in the heart of Farringdon. The strategic early disposal of a best-in-class office building prior to practical completion to a long -term investor is an excellent example of Whitbread’s flexible approach to development in the capital and highlights the quality of our design and construction expertise.”
![68 86 Farringdon Road London](https://cdn.whitbread.co.uk/media/2022/05/68-86-Farringdon-Road-London--1024x640.jpg)
Whitbread was advised by Frame Real Estate Partners and Capital Real Estate Partners. CLI Dartriver was advised by TT&G Partners.
Whitbread operates 14 hub by Premier Inn hotels across central London and Edinburgh. A further four locations are currently under construction in the capital at Paddington, Marylebone, Camden High Street and Farringdon Road.