Royal London Asset Management has instructed GM Real Estate to sell the freehold of 80 Cheapside, EC2, for £90.3m – a net initial yield of 5.3%.
The 94,000 sq ft building comprises 74,000 sq ft of offices and a 20,000 sq ft retail unit on the ground floor that is leased to Tesco.
Rent is £51.80 per sq ft, equating to a passing rent of £4.9m pa.
The offices are multi-let to tenants including Japan Bank for International Cooperation, property management company Places for People and insurance company Liverpool Victoria.
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