Europa Capital and Hobart Partners have launched another attempt to sell a mixed-use Midtown block, bringing the asset to market for £90m after an earlier attempt to sell the asset for a higher price was unsuccessful.
The building at 86 Fetter Lane, EC4, is comprised of 104,652 sq ft of office, retail and ancillary accommodation centred around a landscaped courtyard.
Refurbished by Orms Architects in 2022, the building is multi-let to four office tenants, including law firm Macfarlanes LLP, Enigma Entertainment and software company ComplyAdvantage.
With a weighted average lease length of 10 years and six years to lease breaks, the asset is being marketed as an opportunity for secure income of around £6m per annum, reflecting a price of £59.92 per sq ft. Average rents in the immediate area are in excess of £100 per sq ft.
The duo originally acquired the long leasehold interest, which has 114 years remaining, in 2016 from Henderson Global Investors and attempted to sell the asset for £122.2m in 2020.
At £90m, the price reflects a yield of 6.5% and a capital value of £860 per sq ft.
Savills has been appointed to market the asset.
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