City agents believe Japanese company Kumagai Gumi is set to sell its multi-let 107,674 sq ft (10,031 sq m) 38 Bishopsgate, EC2, for around £80m.
Insignia Richard Ellis’s central London development director Stephen Down would not comment on any potential sale but said: “We are advising Kumagai Gumi on disposing of surplus space and its longer term options for the building.”
Agents believe the building is currently being selectively placed but expect the building to come to the open market towards the end of May.
Elsewhere in the City Irish investors continue to have an appetite for City stock.
Irish leisure entrepreneur Tom Quinn has bought Cable House, 54-62 New Broad Street EC2 from Haslemere for £28m, which reflects a yield of 9%.
The 50,000 sq ft (4,645 sq m) building is let to broker Tullett & Tokyo.
BH2 advised Haslemere and Insignia Richard Ellis acted for Tom Quinn.
A private Irish investor is also understood to have placed Aberdeen Property Investors 63,000 sq ft (5,853 sq m) 60 St Mary Axe under offer for around £30m, which reflects an initial yield of close to 6.66%.
Insignia Richard Ellis is advising the vendor.
References: EGi News 25/04/03
