Aberdeen Asset Management has appointed Colliers International to sell 7 Herbrand Street, WC1, at a price in excess of £52m – a 5% yield.
The 66,406 sq ft, six-storey art deco building is occupied by advertising firm McCann Erickson on a 20-year lease expiring in 2020. Average rent in the building is £42.16 per sq ft overall, providing an opportunity for rental and capital growth.
The building was designed by Wallis, Gilbert & Partners, which also designed the Hoover Building in Perivale, Ealing, and Victoria Coach Station, SW1. The property was commissioned in 1931 by the Daimler Hire Car Company as the headquarters for its limousine fleet and was fully refurbished in 2000.
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