Melburg Capital is to put Warehouse K, E16, on the market with a guide price of £48.5m less than two years after it acquired the building.
Allsop is understood to have been appointed to find a buyer for the 1850s-built former tobacco warehouse located at the Royal Victoria Dock on a 1.84-acre site adjacent to the Excel Centre. The sale price reflects a 4.9% yield.
The four-storey office building provides around 110,000 sq ft of space. Its main tenant is the Home Office, which has recently signed a new 15-year lease.
Melburg acquired the property in December 2018 from Hermes Real Estate Investment Management, which had owned the building since 2011. Hermes IM paid £18.71m for the scheme.
Last month, London mayor Sadiq Khan revealed that the Greater London Authority was to enter consultation on relocating from its current headquarters at City Hall, Bankside, to The Crystal Building next year, in a bid to cut costs.
GLA Land and Property acquired the 240,000 sq ft Crystal Building at the Royal Victoria Dock in 2016.
The Royal Docks have become a development hub due to the arrival of Crossrail and plans to extend the Docklands Light Railway, which have attracted occupiers such as the English National Ballet, London Film School and venture capital fund Pontaq to the area. Around 650,000 sq ft of commercial space is currently under construction.
To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette
