JP Morgan and Exemplar Properties are preparing to auction off eBay’s Surrey headquarters for £60m.
CBRE has been appointed to bring the 133,000 sq ft ?office-led Richmond Riverside to the market imminently. Offers in excess of £60m – a 5.14% net initial yield – will be sought.
The asset comprises six self-contained office blocks, shops and restaurants, overlooking the River Thames. Occupiers include Serco and the Vitec Group.
Online auction firm eBay has occupied Richmond Riverside for more than a decade, and accounts for 54% of the £3.5m rental income pa.
It appointed DTZ in 2012 to find it as much as 100,000 sq ft of offices in the West End, but ended up signing a new ?short-term lease at the building earlier this year.
It has not ruled out a move to central London in coming years, Estates Gazette understands.
South East agents believe there are potential refurbishment opportunities at Richmond Riverside, which would boost current headline rents of £45 per sq ft.
Exemplar teamed up with US investment bank JP Morgan in 2008 to buy the development paying GE Real Estate around £42m – a 7.25% yield.
joanna.bourke@estatesgazette.com
