An office block that is home to Queen Mary University of London’s trainee solicitors has gone up for sale for £29m.
Agents have already fielded bids beyond the list price for the freehold to Northgate House, EG understands, a 29,809 sq ft block which looks out onto London’s biggest public square.
The five-storey building, which has a lower ground floor level, has been let to Queen Mary University since 2006, and also includes retail space which is let to Greggs.
The site at 67-69 Lincoln’s Inn Fields, WC2, is being marketed as a part development opportunity, with initial proposals targeting an extension across all floors, as well as an extra sixth storey. Combined, the changes would add another 3,000 sq ft of space to the site.
The freeholder is Benesco Charity, a property company run by Andrew Wolfson, the chief executive of venture capital firm Pembroke VCT.
A £29m sale would reflect a net initial yield of 4.52%. However, bids have already exceeded that since it hit the market late last month, a source told EG.
The building is located opposite one of the UK’s largest concentrations of law firms and barristers’ chambers, including 4 Stone Buildings, Holborn Chambers and Garden Court Chambers. Lincoln’s Inn Fields dates back to the 1630s and is also home to Sir John Soane’s Museum and premises owned by the London School of Economics.
Michael Elliott is handling the sale for Benesco Charity.
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