The one-acre site of 125 Shaftesbury Avenue – a major central London development opportunity – has been brought to market.
It is understood that Vestas Investment Management and Savills Investment Management are seeking offers in excess of £180m for the freehold site, which houses 180,000 sq ft of offices and shops. It is being sold with vacant possession of the 140,000 sq ft of offices in the 11-floor building.
CBRE and Savills have been appointed to handle the sale.
The building was last sold by Almacantar for £267m in 2018. At that time, the office space was undergoing a comprehensive refurbishment and had just been prelet to WeWork for a term of 20 years. Meta, then Facebook, took the entire office space in a deal with WeWork in 2018 for a period of two years.
CBRE and Savills said that following asset management initiatives, the building would be sold with vacant possession of the offices. Architectural firm Buckley Gray Yeoman has been appointed to undertake feasibility options for the landmark building, which boasts panoramic views of London.
Ed Bradley, head of central London investment at CBRE, and Richard Garside, head of central London investment at Savills, said: “Opportunities to acquire 180,000 sq ft of best-in-class real estate, in an area with an undoubted track record of significant prelets, rarely come to market, and we are expecting significant investor interest, given the substantial optionality available.
“The building has a strong history of attracting central London’s most innovative businesses, including BT, Yahoo! and, most recently, Meta. Since it was last refurbished in 2018 its appeal has been further supported by its proximity to the Elizabeth Line at Tottenham Court Road station.”
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