Knight Frank Asset Management has put the freehold for Herbal House, EC1, up for sale on behalf of its owners and is seeking offers of more than £140m.
The price tag for the Clerkenwell mixed-use block represents a 5% net initial yield and a capital value of £1,228 per sq ft. It generates nearly £7.1m reversionary rent per annum, reflecting a low blended rent of £61.54 per sq ft.
The property dates back to 1928 and originally housed the Daily Mirror’s printworks. It measures 114,041 sq ft in total.
Herbal House includes 107,029 sq ft of offices and 7,012 sq ft of residential space across six duplex flats, located on part of the newly-developed fifth and sixth floors.
Occupiers include Adidas, Moonpig.com, Open Society Foundation and IDEO and a single residential operator, providing a WAULT of 7.69 years to lease expiry and 6.25 years term certain.
Tenants in the vicinity include TikTok, Snapchat, LinkedIn, Live Nation, Pan Macmillan and Amazon.
Aerium and Allied London bought the site for around £26m in 2012. The London Borough of Camden granted planning permission for the partnership’s mixed-use development at the site in 2014.
Knight Frank and JLL are advising KFAM on the sale.
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