The Italian owners of a Marble Arch office block are looking for a buyer to line up a sale of the property, seeking upwards of £125m.
GWM Group, a fund house backed mainly by Italian investors and which has €4.2bn (£3.7bn) in real estate and alternative assets under management, is eyeing a sale of 16-17 Connaught Place, W2, five years after acquiring the site for £110m from WELPUT.
Rent for the building is £5.55m per year. A £125m sale would equate to a yield of 4.4%.
The 82,000 sq ft, seven-storey building is home to tenants including recruitment group Spencer Stuart & Associates. All current leases in the building expire between 2023 and 2024, according to materials seen by EG.
Cushman & Wakefield and Gerald Eve are understood to be acting for GWM.
Additional reporting by Pui-Guan Man
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