Columbus Capital Management has instructed Capital Real Estate and Savills to sell Aldermary House at 10-15 Queen Street, EC4, for £36m, reflecting a 6.75% net initial yield.
The 61,990 sq ft office and retail block is multi-let to 18 tenants with a weighted unexpired lease term of 8.8 years to expiries and 6.6 years to breaks.
The building, which is opposite Bloomberg’s new European headquarters and close to Bank underground station, generates a passing rent of £2.5m a year, equating to £40.08p per share ft overall.
The most recent leasing deal in the building was at £55 per sq ft, implying substantial potential for rental growth.
Aldermary House is held long leasehold from the Mercer’s Company at a fixed ground rent of £10,600 per year.
It is the fourth disposal by the Columbus UK Real Estate Fund in recent months, following the sale of Thames Quay to Lycatel, Austin Friars House to Safmar, and 33 Gracechurch Street to an overseas client of Cordea Savills.
