BBC Worldwide’s home in Noho has been put up for sale as investors look to capitalise on rising rents in W1.
Wereldhave has appointed Cushman & Wakefield to sell 33 Foley Street and is looking for offers over £21m, reflecting a 4.9% net initial yield.
The 34,000 sq ft building is let to BBC subsidiary 2 Entertainment until December 2014. It has a passing rent of £1m, equating to £31.50 per sq ft, but C&W said this could rise to £44.75 per sq ft in years to come.
Noho rents rose about 5% in the final quarter, according to research by Cluttons. Agents believe rents will increase further in the area as occupiers look to settle near new developments, including the Middlesex hospital site which is to undergo a £750m transformation.
joanna.bourke@estatesgazette.com
