Aberdeen Standard Investments has instructed agents to sell its Hammersmith office block, 12 Hammersmith Grove, W6, for £170m – a 5.25% yield.
The fund manager, which developed the 170,000 sq ft building in conjunction with developer U+I (previously Development Securities), has hired JLL to advise on the disposal.
Delivered between 2013-16, the overall 270,000 sq ft scheme was the first speculative office development in Hammersmith in more than a decade, and is 70% let with three further floors currently under offer.
Neighbouring block 10 Hammersmith Grove, developed by Scottish Widows (now Aberdeen) and U+I, has been bought and sold three times in the past 12 months, most recently being sold by Tai United Holdings to private investor Blue Horizon Investors at £112m, a 5% yield.
The SWIP Property Trust committed £92m to fund the development of Development Securities’ 12 Hammersmith Grove in April 2014.
Completed in February 2016, 12 Hammersmith Grove comprises approximately 170,000 sq ft of office accommodation over 11 floors.
Tenants at the building include WeWork, Medidata and the Creative Artists Agency, with rents ranging from £55 per sq ft to £60 per sq ft.
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