OREANDA-NEWS. UK Commercial Property Trust Limited ("UKCPT" or "the Company"), the largest Guernsey based, UK focused, London listed commercial property investment company, which is advised by Standard Life Investments, has completed the letting of the fifth floor of Eldon House, in London.

Proclinical, a Life Sciences recruitment firm, has secured 5,115 sq ft, on a five year lease at ?52 psf. UKCPT acquired Eldon House in an off-market transaction in August 2015 for ?27.5 million, representing a net initial yield of 4.6% and an equivalent yield of 5.5%.  The investment decision was underpinned by a strong belief in the dynamic and evolving location which appeals to a broad range of tenants, and is just 150m from the planned Liverpool Street Crossrail / Elizabeth Line station.

Will Fulton, Fund Manager of UKCPT commented: "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. The property offers good value space for its location against other City rents and the building particularly suits mid-sized companies."