The Football Association’s head office has been put up for sale together with the BBC’s London regional radio and TV base.
Merrill Lynch Investment Managers has put a joint price-tag on them of £50m.
The FA moved to 25 Soho Square, W1, in 2000 and agreed a new lease, which has 17 years left to run, with Merrill.
The FA pays £2.15m pa in rent, equating to £52 per sq ft, which is above the market rent for the area.
However, Merrill’s 50,000 sq ft 35 Marylebone High Street, W1, is let to the BBC for a further 66 years at just £15.40 per sq ft.
“As a brace, the buildings offer the diversity to attract a host of bidders, as getting finance for the FA building alone would be difficult,” said a source.
The BBC houses its LBC radio studios and its London regional TV news service, as well as training space and executive offices, in the building.
Merrill owns the virtual freehold – a 999-year lease – from the Howard de Walden Estate.
The buildings produce an average rent of just over £34 per sq ft, with an average of 32 years unexpired on the leases.
Lewis Ellis is representing Merrill Lynch.
References: EGi News 27/10/03
