Blackrock UK Property Fund has appointed agents to sell 5 Strand, WC2, for £80m – a net initial yield of 4.62%.
The freehold office and retail building, totalling 73,000 sq ft, has consent for a new 152,400 sq ft office, residential and retail development designed by architect David Adjaye. The property could also offer potential for an alternative 200-bedroom hotel or a repositioning and enhancement of the existing office building.
The building, adjacent to Charing Cross station, is fully let to Westminster City Council on a lease expiring in December.
BlackRock acquired the building in 2011 from a private investor for £53.5m – a yield of 5.75%.
Cushman & Wakefield and Tudor Toone are advising BlackRock on the sale.
To send feedback, e-mail Louisa.Clarence-Smith@estatesgazette.com or tweet @LouisaClarence or @estatesgazette
