A 128,777 sq ft warehouse-style office block on Old Street, N1, has been put up for sale with a £104m price tag.
The sale price reflects a yield of 7.5%.
The freehold asset – Wenlock Works – is almost fully let to two tech firms.
Online payment solutions provider Checkout.com occupies 76,210 sq ft and pays an annual rent of £5.3m, while digital marketing specialist MVF occupies 40,156 sq ft, paying £2.6m per annum.
The building has a WAULT of 7.1 years to expiry and 5.5 years to break. Just 11,000 sq ft remains vacant.
Wenlock Works sits in the heart of London’s tech belt, where take-up remains relatively strong. According to selling agent Savills, take-up in the submarket topped 1.3m sq ft in the first three months of 2024, up by 10% on the 10-year average. Current demand in the area is around 1m sq ft.
The property was bought by Schroders in 2012 for £18.5m – a 10% yield – from Glanmore Property and then underwent a comprehensive refurbishment, led by Buckley Grey Yeoman, in 2019.
It has an EPC rating of B, BREEAM Excellent score and is Wiredscore Gold certified.
Wenlock Works was first put up for sale by Schroders in 2022 with a £170m asking price.
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