Aberdeen Asset Management is selling the Asticus Building, SW1, for £75m – a net initial yield of 4%.
JLL has been instructed to sell the 57,049 sq ft building at 21 Palmer Street as Aberdeen continues to streamline its property portfolio.
Assets already shed this year include 61 Southwark Street, SE1 and 1 Welbeck Street, W1, which it sold on behalf of clients. In February, JLL was also instructed to sell Aberdeen’s Exchange Place in Edinburgh for around £85m.
The Asticus Building stands on the site once occupied by Caxton Hall, which was built in 1878 as Westminster Town Hall and was the venue for the marriages of Sir Anthony Eden, Elizabeth Taylor and Ringo Starr.
The listed section of the building was sold for residential development, while the remainder was demolished to make way for the circular office block.
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