A Thames-side office block ripe for residential conversion has been put up for sale by Schroders and Scottish Widows Investment Partnership.
GM Real Estate has been appointed to sell Minerva House, SE1, a 105,000 sq ft multi-let office block on the South Bank.
Schroders and SWIP are seeking offers in the region of £58.5m, reflecting a 5.5% net initial yield.
The building is let to tenants including law firm Winkworth Sherwood and market research company Ipsos Mori for a further 10 years, but sources said its attractive riverside location makes it a likely target for a long-term residential conversion.
There has been a residential development boom in the area over recent years.
Current activity sees Berkeley Homes building more than 370 homes at the nearby One Tower Bridge and Christian Candy’s CPC Group working up plans for 172 luxury flats at Sugar Quay, EC3, on the other side of the river.
Thames-side house prices have risen by 30% since the start of 2010, outperforming prime central London, which increased by 24% over the same period, according to Knight Frank.
All parties declined to comment.
jack.sidders@estatesgazette.com
