Hong Kong investor Lai Wing has listed Standbrook House, a prime trophy asset located at 2-5 Old Bond Street, W1, for sale.
The landlord is reportedly seeking offers exceeding £140m, reflecting a net yield of 3.5%.
The property covers over 23,625 sq ft and is fully occupied, featuring two retail units and grade-A offices on the second to fifth floors.
Luxury retail brands Richard Mille and Tod’s occupy the retail spaces, while the building also includes two flats with outdoor terraces on the sixth floor.
The property generates an annual income of £4,703,787.
Retail lease renewals have been agreed upon and are in the process of documentation, with rates increasing from £1,300 zone A to £1,400 zone A – still significantly below prime rents exceeding £3,000 zone A.
The office space, with an average rent of £85 per sq ft, presents strong rental growth potential.
Wing acquired Standbrook House from NFU Mutual in 2019 for £152.5m, reflecting a net initial yield of 2.7%.
The sale is being jointly marketed by JLL and CBRE.
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