CBRE has put an Aldgate office freehold on the market for offers in excess of £32.5m – a 4.4% yield.
The firm has been instructed to sell the 56,631 sq ft property at 25 Camperdown Street, E1, which was refurbished in 2012.
It is let to six tenants that together generate a rent of £1.5m pa, equating to £26.81 per sq ft. The building’s average weighted unexpired lease term is 5.9 years.
The area around Whitechapel and Aldgate is home to financial, tech and creative occupiers. Recent demand prompted by the arrival of Crossrail has pushed rents up to around £62 per sq ft.
Growing occupier demand has also sparked public realm improvements in the area such as the City of London’s masterplan for Aldgate roundabout, which includes new pedestrian zones, street furniture and artwork, and is due to complete in 2017.
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