The former Guardian HQ at 119 Farringdon Road, EC1 has been put up for sale by Ronan O’Caoimh’s Farringdon Sarl, which has a loan owned by Nama.
Farringdon Sarl has instructed DTZ to seek offers in excess of £25m for the 80,000 sq ft block on a 0.6-acre site- reflecting a 3.5% yield. The property has a passing rent of £820,000.
The company has obtained planning permission to convert the building into 118 flats, with 21,000 sq ft for offices or retail space.
Fashion label Alexander McQueen may have to lose its 5,000 sq ft specialist office and exhibition space when the site is sold. It is one of a number of tenants which are expected to be asked to exit the building when leases expire in March 2014.
joanna.bourke@estatesgazette.com
