Transactions

Harris Associates have assisted their clients on thousands of transactions across the spectrum. The below sales and acquisitions demonstrate the breadth of investments in order to seek the best returns for our clients

Recent Transactions

LONE STAR STUDENT ACCOMMODATION PORTFOLIO

The Johnson Building Estate

Harris Associates purchased The Johnson Building Estate off-market from Derwent London PLC on behalf of clients ARAX properties Ltd for £170m.

The asset is a substantial 194,000 sq ft office campus, comprising of five statement buildings arranged around a central courtyard. In the heart of Clerkenwell, The Estate is situated on the famed thoroughfare of Hatton Garden.

Blackhorse Tower, Cockfosters

Harris Associates purchased Blackhorse Tower off-market from Federated Hermes for £34m on behalf of a private family office. They are developing the site into a PD residential scheme, a significant new offering for the North London area.

The asset comprises of 120,000 sq ft of existing offices bought with vacant possession.

Active Sales

Classic and Bentima House

A prime Shoreditch freehold office investment and further development opportunity, Classic and Bentima House boasts a combined 91,600 sq ft on a prominent corner site of 0.521 Acres.

The investment has various asset management and development opportunities including implementing the existing planning consent to extend Classic House, creating an additional 13,541 sq ft or a longer-term potential redevelopment of the site to create an eight-storey scheme of 145,000 sq ft.

Offers in excess of £87,500,000 which reflects a net initial yield of approximately 5.0%.

LOne star Student accommodation portfolio

Harris Associates is pleased to announce that it advised Lone Star Value-Add Fund I, L.P. (the Fund) on the Fund’s indirect acquisition of a high-quality portfolio of student accommodations assets. The acquisition consists of a portfolio of 2,621 beds across four prime student markets: Cardiff, Hatfield, Swansea, and Sheffield.

Given its strong reputation and relationships in the sector, Harris Associates, a UK property investment firm, played a key role in the off-market negotiations that led to the completion of this acquisition – one of the largest in recent years in the Purpose Built Student Accommodation (PBSA) sector.

Whilst the COVID pandemic has resulted in widespread uncertainty, the PBSA sector remains resilient, and is now demonstrating further strengthening. The student accommodation sector is coming into sharper focus for global funds and new entrants who have traditionally invested in offices, leisure, and retail.

The student accommodation assets in Cardiff and Hatfield are built and occupied, whilst those in Swansea and Sheffield are scheduled to open in September 2021. The assets include amenities such as basketball courts, gyms, cinemas, sky lounges, games rooms, karaoke rooms, and private dining areas.

THE JOHNSON BUILDING ESTATE

Harris Associates purchased The Johnson Building Estate off-market from Derwent London PLC on behalf of clients ARAX properties Ltd for £170m.

Regency House, Soho, London

This prime Soho 23,000 sq ft office and restaurant building was purchased for our clients Hermes Property Unit Trust in 2012 for £16m.

Value add initiatives were put into play which included planning being granted for a change of use to Hotel and private residential.

Harris Associates then sold the assset off market in 2020 to the owner operators of Mortimer House, a dining and members club for £36m which equates to a cap value of £1,565 psf.

The Asset was in need of complete refurbishment.

Wingate House, Soho, London

Harris Associates CEO and Founder Jonathan, originally bought Wingate House for Conegate back in 2014.

This Prime Soho mixed use building, comprises of 70,000 SQ FT of office, cinema and leisure. The investment was acquired in Q4 2019 by BC Partners/Seaforth for £70m.

Midlands Industrial Portfolio

In November 2016 Harris Associates acquired a portfolio of 3 multi-let industrial estates in excess of 550,000 Sq Ft on behalf of Pears Property. The portfolio was purchased for a price of £43 million reflecting a net initial yield of 6.25%.

Having asset managed all of the estates extensively over a period of 24 months, Harris Associates divided up the assets and subsequently sold all 3 properties individually with a combined total sale price of £70 million.

William Road, Euston, London

Harris Associates sold this prime Central London development opportunity.

Harris Associates acted for Melrose Capital for the sale of 17-33 William Road & 35-37 William Road which were the former head offices of Addison Lee. The site was sold to MBU capital for £22.75m The team worked closely with the client, planning advisors and architects in order to evaluate the alternative use potential and come up with the most valuable proposed scheme.

The interest was extremely high as the team conducted over 80 inspections which lead to multiple competitive bidding rounds and culminated in a very successful sale for our client.

Portsoken Street, Aldgate, London

Harris Associates acquired the iconic building Lloyds Chambers in Q1 of 2018. The deal was pieced together off market by CEO and Founder Jonathan Harris.

Jonathan Harris approached the three US investors Mike Ryan, James Lapushner and former US Secretary of State John Snow who jointly owned the building with Fuson of China.

A deal to purchase the building of 194,000 sq ft was agreed and concluded at £97m The building is undergoing substantial refurbishment to create 240,000 sq ft of cool Grade A space with a GDV of £240m.

Bafta House, Princess House & Princess Arcade, Picadilly

The iconic Bafta and Princes House are located in the heart of St James’s. Well known as an area favoured by many corporate headquarters, the building also houses Princess Arcade located on the ground floor which supplies the area with excellent shopping and restaurant facilities.

Communications are superb with Piccadilly Circus and Green Park underground stations both within easy walking distance providing access to Piccadilly, Bakerloo, Victoria and Jubilee lines.

55 Old Broad Street

Set in the heart of the City, 55 Old Broad Street is adjacent to Liverpool Street station, the epicentre of Crossrail, opening in 2022.

The office and retail investment is 100,000 sq ft set over 10 storeys.

51-53 Great Marlborough Street, W1

Set in the heart of the City, 55 Old Broad Street is adjacent to Liverpool Street station, the epicentre of Crossrail, opening in 2022.

The office and retail investment is 100,000 sq ft set over 10 storeys.

1 SekfordE St, Farringdon

Previously owned by Pink Floyd and was used in the film ‘About a boy’ staring Hugh Grant.

1 Sekforde Street is situated at the heart of Clerkenwell one of London’s most fashionable office districts. As one of Clerkenwell only ‘green spaces’ Clerkenwell Green is seen as a premium office location and is within a 5 minute walk of the new Farringdon Crossrail station which is due to open in 2022.