Previously linked to Ryanair’s chief Michael O’Leary’s investment management company, two London offices were sold in 2015 and last year for a total of £ 57m (€ 66m).
M land registration document acquired by Sunday independent Fetter Lane’s office at No. 100 in the city’s jurisdiction around Chancelly Lane was sold in January last year for £ 38.7 million, including VAT.
This property was previously owned by Bradley Investments. Pascal Keegan, who manages the investment of Michael O’Reilly, the company’s accountant, serves on the board.
The property’s premises are currently being redeveloped by new owner Bau Mont, a private equity firm, and its partner Yard Nine, which began dismantling in January this year.
Instead of the old office where law firm Beachcroft was a tenant until 2019, there is a 15-story modern BREAAM “excellent” rated building, offering 93,500 square feet of office space and some greenery. It features a terrace and a roof garden.
According to architect Fletcher Priest, the redevelopment will also include White Swan, a pub that occupied a corner of the site. White Swan was a popular drinking fountain for many journalists during the heyday of nearby Fleet Street.
Consultant Rider Levett Bucknall’s figures suggest that redevelopment will cost at least £ 50 million.
In 2012, O’Leary won a court battle over planned development that would have blocked the light of the Fetter Lane office.
The second office, formerly owned by Bradley Investments, located at 50 Mark Lane in the City of London near the London Tower, was sold in July 2015 for £ 19.5 million. Bradley Investments owned the property in August 2002 and repaid it in July 2015, according to documents submitted by the company that took out the loan at Mark Lane.
The loan was made to Fetter Lane Building in January 2003 and paid off in November 2016.
Rents in both regions of the city have risen by at least 60% to 70% over the last two decades, according to current rent figures and data from consultant Tower8 and real estate investor Darwent London. Potential sales are also rising.
Data suggest that O’Leary’s company may have collected £ 20 million in rent while owning the property.
The data also suggest that Mark Lane’s real estate value may have risen by £ 7m and Fetter Lane’s buildings may have risen by about £ 13m.
A spokesman for Michael O’Reilly declined to comment, as did Pascal Keegan.
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