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Mon 3 September 2018, Property Week

Europa Capital, in partnership with Hobart Partners, has pre-let two floors totalling 30,000 sq ft at its Fetter Yard office scheme in London’s Midtown to hotel chain Marriott International.

The hospitality company has signed a new 15-year lease to move to the office, which will be home to its Europe continent division.

Fetter Yard, at 86 Fetter Lane, will provide more than 100,000 sq ft of refurbished space and was acquired by Europa Capital in 2016 for Europa Fund V, in partnership with Hobart Partners.

James Fortescue, partner at Europa Capital, said: “Marriott International’s long-term commitment to this building demonstrates how innovative the new office design will be. We look forward to now repositioning this attractive building, which will provide our future tenants with a modern working environment.”

Sas Bhadra, partner at Hobart Partners, added: “The fact that the world’s leading hotelier has committed to our building as their European headquarters, notably prior to their lease expiry date, is a testament to the excellent location and the high-quality product we intend to create.”

Thursday, October 06, 2016, CoStar.

A joint venture between Europa Capital and Hobart Partners has agreed a deal to buy Marriott Hotels International’s City of London headquarters on Fetter Lane from TH Real Estate, CoStar News can reveal.

The JV yesterday exchanged contracts to buy the building – Barnard’s Inn at 86 Fetter Lane, EC4 – for around £60m.

Hobart, co-founded by Sas Bhadra and Jeff Harris, together with Europa have been actively seeking investment opportunities in London this year.

Farebrother was instructed to sell the 100,579 sq ft office development, which produces an annual income of £3.41m per annum, reflecting an average rent of £33.93 per sq ft, towards the end of last year.

TH Real Estate has held the asset since 2004 when Great Portland Estates agreed to sell two central London office buildings to, and acquire one office building from, the Henderson Central London Office Fund.

The two office buildings sold at the time were Barnard’s Inn, at 86 Fetter Lane, EC4, and 38 Finsbury Square, EC2.

Marriott Hotels International is the main tenant in the building, occupying around 40,000 sq ft on a lease which expires on 17 December 2018, and at a rent of £1.144m per annum, or £36.70 per sq ft overall.

In 2014, TH Real Estate let the part ground and lower ground floor at Barnard’s Inn to Encore Tickets for a term until December 2018. Encore pays a rent of £372,000 per annum on the 15,571 sq ft, equating to £35.50 per sq ft on the ground and £20.50 per sq ft on the lower ground floor

The top floor of the building is let to Nikkei Eurioe at £39.99 per sq ft, with Veale Wasbrough Vizards, Capita Business Services, Copyright Licensing Agency, and KFG Quickserve Limited t/a Nuts & Confectionary on the lower floors.

Monday, October 23, 2017 CoStar

A joint venture between Hobart Partners and Bridges Fund Management has bought Quick & Tower House in Shoreditch for just over £35m with plans to redevelop the building into a scheme of around 135,000 sq ft, CoStar News can reveal.

The JV completed the deal last Friday with vendor Aberdeen Standard Investments, paying between £35m and £36m for the two office buildings, reflecting a yield of just north of 4%.

The two office buildings, which comprise 53,745 sq ft are let to four tenants until December 2020 and generate an annual rental income of £1.47m, equating to an overall rent of £27.40 per sq ft. The short income will allow the JV to work up plans for the building, which could see a conversion to more than twice the commercial space currently on the site.

Quick & Tower House came close to being sold six months ago for around £38m but a deal was never agreed. Hobart was one of the underbidders last time round. Both Hong Kong’s Peterson Group and Tellon Capital are understood to have looked at the investment but neither agreed terms.

Aberdeen Asset Management bought the freehold interests of Quick and Tower House in Shoreditch, EC2, from UBS Global Asset Management for £33.55m in July 2014. The purchase reflected a net initial yield of 4.15% and a capital value of £624 per sq ft.

Quick and Tower House is located in one of London’s fastest growing sub-markets, occupying a corner site fronting Clifton Street and Worship Street. The site extends to 0.5 acres, presenting a unique opportunity for redevelopment or refurbishment (subject to the necessary consents) following vacant possession. SWIP Property Trust had been working with development adviser Endurance Land.

Strutt & Parker was the selling agent; BNP Paribas Real Estate acted for the buyers.