Westbrook Partners has instructed GM Real Estate to sell the iconic Aircraft Factory in Hammersmith, W6.
The converted factory, which includes 77,502 sq ft of offices, is expected to be sold for more than £70m – a net initial yield of circa 5.5%.
The Aircraft Factory was used during the second world war to produce military aircraft including the Mosquito fighter. A comprehensive refurbishment completed in May 2016 added creative office space, roof terraces, landscaped communal gardens and an on-site coffee bar to the scheme.
Let to 16 tenants including interiors and branding company Sybarite, education technology company Firefly and gaming and app developer Gram Games, the building has an average unexpired lease term of 4.25 years.
Some 10,320 sq ft is available to let, but is understood to be under offer. Office suites range from around 400 sq ft to 6,571 sq ft.
Assuming a 12-month rent guarantee on the vacant space at £55 per sq ft, the proposed net rent will be £4.3m pa.
The asset is owned through a Jersey special-purpose vehicle, which may be available by separate negotiation.
Covering around 1.3 acres, the campus-style office is located 600m north of Hammersmith Broadway. Hammersmith currently has a grade A vacancy rate of 3.4%. Major local occupiers include Winton Capital, L’Oreal and Fox International.
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