Qatar’s Alduwaliya Asset Management is close to buying Westerland Real Estate’s London Automotive Factory at 184 Shepherd’s Bush Road, W6.
The sale price is around £3m above Westerland’s £97.3m asking price, which reflects a 4.6% yield.
The 118,845 sq ft asset is being marketed by CBRE. It was prelet to Tesco-owned Clubcard creator Dunnhumby on a 15-year lease with no breaks in 2013 at a rent of £39.50 per sq ft.
The lease is subject to upward-only rent reviews, which is attractive to investors as prime rents in Hammersmith now top £57.50 per sq ft.
The ColladoCollins-designed office conversion, which completed earlier this year, retained the landmark building’s period features while adding three modern office floors within its glazed skeleton.
The building, which was originally built for the Ford Motor Company as a garage and showroom in 1916, has floorplates of 23,000 sq ft.
Westerland Real Estate is the property arm of Access Self Storage, which is owned by the Canadian Lalji family.
Cushman & Wakefield is acting for Alduwaliya.
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