The Crown Estate is selling a corner block overlooking Trafalgar Square, WC2, in order to focus on its core holdings in Regent Street and St James’s.
Colliers International has been instructed to market the 125-year long leasehold on Golden Cross House and 8 Duncannon Street for offers in excess of £67m – a 4.23% yield.
The 66,500 sq ft asset provides 41,000 sq ft of office space, which is fully let to serviced offices firm MWB Business Exchange until 2029 at £1.66m pa.
There are seven retail tenants on the ground floors, including HSBC, Pizza Express and the Co-op.
The Crown Estate is currently delivering a £1.5bn investment and redevelopment plan across Regent Street and St James’s.
The sale is also in line with the Crown’s investment strategy to focus on its dominant retail schemes across the UK, such as Westgate shopping centre in Oxford and the development of the £140m Rushden Lakes shopping and leisure scheme in Northamptonshire.
To send feedback, e-mail Shekha.Vyas@egi.co.uk or tweet @shekhaV or @estatesgazette
