Marylebone Warwick Balfour has sold the freehold interest in one of the largest bars in the City for £7.625m reflecting an initial yield of just under 7%.
Institutional investors bought the 1,659 sq m (17,857 sq ft) commercial element of the scheme which is on the ground floor and basement at 192-200 Bishopsgate, EC2. This includes a 1,625 sq m (17,500 sq ft) unit let to Pitcher & Piano at £450,000 pa for what will be the operator’s first City outlet. A further 275 sq m (2,960 sq ft) A3 unit is still available through Shelley Sandzer and Davis Coffer Lyons.
MWB is also considering putting the long leasehold of the proposed residential part of the scheme on the market with a guide price of just over £3m. However, it could press on with development itself, said Michael Bibring, director at MWB.
Jones Lang Wootton and Lewis Marks acted for MWB.
EGi News 13/06/97
