Aberdeen Standard Investments is to sell 100 Leman Street in Aldgate E1, for in excess of £68m.
The sale price reflects a net initial yield of 5.02% and a capital value of £709 per sq ft.
Allsop has been appointed to find a buyer for the 95, 810 sq ft building located close to BT’s soon-to-be new headquarters.
Tenants include Exponential-E, a cloud and network provider, and marketing agency Forward 3D on leases expiring in 2025.
The passing rent, inclusive of vendor top-ups, would be £3.65m per annum, equating on average to £38.07 per sq ft. It is highly reversionary as recent lettings in the area have been for in excess of £60 per sq ft.
The eight-storey building was developed in 2000 and has been significantly upgraded this year, but Trehearne Architects has also been brought in to design plans for a refurbishment and extension of the property. These proposals would double the property’s space to 143,686 sq ft.
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