The Crown Estate has instructed CBRE to sell its freehold interest in 10 Bloomsbury Way, WC1, representing the first time the interest has been traded.
CBRE is seeking offers in excess of £33m for the island site, which fronts New Oxford Street, Bloomsbury Way and Bury Place, and is let to London & Regional Properties on a long leasehold with a 108-year unexpired term. The asking price reflects a yield of circa 3%.
Originally built as the headquarters of the Ministry of Defence in 1947, the 165,046 sq ft office building was comprehensively refurbished in 2015 to include a ninth floor. The property is sublet to six office tenants and one retail occupier. Tenants include The Office Group, online craft community network LoveCrafts, software consultancy Criteo and The Food and Drink Federation. The property has an annual rental income of around £1m.
The area will benefit from the Elizabeth line, opening at Tottenham Court Road in 2018. Global companies with offices in the area include Facebook, McKinsey & Company and COS Stores.
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