German fund manager Deka Immobilien has put Transport for London’s Greenwich Peninsula office, SE10, up for sale at £110m.
The company has instructed CBRE and Savills to seek offers in excess of £110m for 211,448 sq ft 14 Pier Walk, reflecting a 5.24% net initial yield.
14 Pier Walk, which is adjacent to the O2 arena, is let to TfL until 2 July 2029, where some of its 1,800 employees have been since 2009.
The property also comprises seven shops and generates rental income of £6.1m pa.
Deka bought the property in August 2010 for just over £97m from the Greenwich Peninsula Regeneration.
Strong offers are likely to be received for the asset owing to increased activity in the area. Greenwich Peninsula is currently undergoing a major redevelopment, led by Quintain Estates & Development, which is building as many as 10,000 homes and 3.5m sq ft of commercial space across 190 acres in the south-east London suburb.
joanna.bourke@estatesgazette.com
