Savills IM has sold a City office block to an Asian client of Westminster Real Estate for £75m – a 5% yield.
Savills had been appointed to market 33 Gracechurch Street, EC3, for offers in excess of £78m.
The 107,062 sq ft grade-A office is held over a long leasehold with more than 145 unexpired years. It is fully let to five office tenants at an average rent of £45.26 per sq ft, including insurance group Barbican and facilities management company SPIE Matthew Hall.
The ground floor retail unit is let to TJX UK, owner of TK Maxx which occupies around 19,000 sq ft. Total passing rent is £3.97m pa, and the average rental term is seven years with no breaks.
The property is Grade II listed and was refurbished and extended in 2007. It is in close proximity of Liverpool Street station, set to benefit from the opening of Crossrail.
Savills advised Savills IM; Cushman & Wakefield represented Westminster.
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