Peter Ferrari’s Ashby Capital has instructed agents to sell the long leasehold interest of 200 Aldersgate, EC1 for circa £320m.
CBRE and Savills have been instructed to seek offers for the 434,000 sq ft building, which was Ashby’s debut purchase in 2013.
Ashby acquired the building on behalf of a private Saudi investor for close to £230m, reflecting a sub-6% yield.
During its ownership, Ashby has taken the occupancy to near 100%. Tenants include FTI Consulting, Cass Business School and Ford Motor Company.
It has also significantly enhanced the amenity offer, which includes a café and business lounge, treatment rooms and Amazon lockers, and is creating a new communal garden for tenants.
While the passing rent is between £40 and £45 per sq ft, Ashby has secured a number of lease renewals and significant rental uplifts, including securing a record rent for the building on one of the upper storeys – of more than £80 per sq ft.
It is understood that any buyer would benefit from further rent reviews over the next 12 months which will take the yield to more than 5%.
The building is also expected to benefit from its proximity to the new Farringdon Crossrail station, which is due to open next year.
The freehold is owned by the City of London.
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