A island-site mixed-use building at the heart of the Crown Estate’s £450m St James’s market, SW1, redevelopment plans has been put up for sale.
Tiger Developments has instructed Knight Frank to sell the 61,000 sq ft 130 Jermyn Street, SW1, for £45.6m, reflecting a 5.9% net initial yield.
The property, which also fronts Haymarket, is opposite the site of the Crown’s 340,000 sq ft redevelopment of St James’s market. It is held by a way of a 125-year lease from the Crown, which commenced 30 September 1999.
Tenants, which generate a total gross passing rent of £3m pa, include the Royal Bank of Scotland and Whitbread.
Tiger Developments paid £38m – a 7% yield – for the asset in 2004.
joanna.bourke@estatesgazette.com
