Morgan Stanley has put the brand new 125-year leasehold interest on its private Mayfair bank on the market.
The financial services firm has appointed Cushman & Wakefield to seek offers in excess of £10.9m on 9 Upper Grosvenor Street, W1, reflecting a 3.25% yield.
The grade II listed Georgian townhouse is held on a long leasehold from the Grosvenor Estate, geared to 10% of the income received on the property.
The asset, which comprises 4,543 sq ft over six storeys, is entirely let to Morgan Stanley on a 15-year-lease at a rent of £4.2m pa, or £92.50 per sq ft.
Cushman & Wakefield forecasts average prime rents to reach £135 per sq ft by the end of 2017, with availability of grade-A stock in Mayfair now at 1.2%. Interest is expected from investors seeking a secure, long-term covenant.
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