Allegra European Holdings has instructed Knight Frank to sell 5 King William Street, EC4, for offers in excess of £101m – a net initial yield of 4.17%.
The 82,000 sq ft building is fully let to Japanese investment bank Daiwa Capital Markets on a 15-year lease which expires in 2027 and is subject to five-year upward-only rent reviews.
The £3.5m annual rent represents £42.70 per sq ft. Allegra bought the asset in 2008 from Aviva Investors and Resolution Life for £44.5m – a net initial yield of 7.44%.
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