Orchard Street Investment Management has appointed Knight Frank to sell its 81,238 sq ft grade-A office, St George’s House West, in Wimbledon, SW19.
The freehold office asset is currently let at £47.30 per sq ft compared to prime rents of £56 per sq ft already achieved in Wimbledon. Knight Frank is looking for offers from £53.7m.
The scheme is being sold for an initial yield of 6.75% and a reversionary yield of 7.48%. It has a capital value of £661 per sq ft.
St George’s House West has two newly refurbished floors providing 21,000 sq ft of office space.
Knight Frank’s marketing material for the site said there will be open-market rent reviews on 48% of the building in the next three years.
There are 3.5 years left to break on the lease and 4.9 years to expiry. The tenant line-up of the office is Coty, Wella and Offshore Design Engineering.
The scheme offered £2.3m of landlord capex in the last two years.
The St George’s House East site, next to the office, has the potential to accommodate a 300,000 sq ft scheme of various tenures, subject to planning. The site is currently not on the market.
See more information on property in London, SW19>>
To send feedback, e-mail akanksha.soni@eg.co.uk or tweet @AkankshaEG or @EGPropertyNews
