Sir Richard Sutton Estates is selling long leaseholds on two prime central London buildings.
Colliers International has been instructed to sell 105 and 81 Piccadilly, W1, which are each being sold with new 125-year leases.
The 105 Piccadilly block is on the market at an asking price of more than £45m – a yield of 3.8%.
The building has a weighted average unexpired lease term of five years to expiry and three years to tenant break options.
The property has a total gross annual passing rent of £1.9m pa, equating to an average passing rent of £54.50 per sq ft.
Vacant possession is possible in June 2023. There is also opportunity for refurbishment.
The 81 Piccadilly block comprises 16,859 sq ft of retail and office space and is on the market at more than £23m – a yield of 4%.
Vacant possession is possible in June 2021.
The seven-storey building has redevelopment potential and is located next to Clarges Mayfair, British Land’s 62,600 sq ft offices and retail redevelopment that includes 34 luxury apartments and is scheduled to complete by 2017.
