Angelo, Gordon & Co and Beltane Asset Management have put 42 Southwark Bridge Road, SE1, up for sale for £80m, a 5.13% yield.
The duo have instructed CBRE and Cushman & Wakefield to market the 96,714 sq ft building. It is let to technology firm Sungard Availability Services until January 2028.
The property has an annual passing rent of £4.1m, which equates to a reversionary £42.40 per sq ft. In January 2023, there is an upwards-only rent review, with a minimum uplift of 5%. The building offers future refurbishment and redevelopment potential.
Jonathan Chenery, partner at Beltane Asset Management, said: “Given the long and secure income, freehold tenure and reversionary income together with the continued development and change occurring on the South Bank, we anticipate a high level of interest from both international and domestic investors, attracted by the high cash returns and exciting real estate options for the future”.
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