UK Commercial Property Trust leases fifth floor of Eldon House

UK Commercial Property Trust announced it had let the fifth floor of Eldon House in London on Tuesday.

Life Sciences recruitment firm Proclinical secured 5,115, square feet on a five year lease at £52 per square foot.

Eldon House was acquired by UKCPT in an off-market transaction in August 2015 for £27.5m, representing a net initial yield of 4.6% and an equivalent yield of 5.5%.

The FTSE 250 firm said its decision to invest in the property was underpinned by a strong belief in its location, 160 yards from Liverpool Street Station in the City of London.

"We acquired Eldon House with the strong view that the building offered great potential to improve the rental income, given its proximity to the nearby Crossrail development, and this letting is an endorsement of that,” said UKCPT fund manager Will Fulton.

“The property offers good value space for its location against other City rents and the building particularly suits mid-sized companies."