SCOR brings its second Lime Street office to market

Global reinsurer SCOR is selling out of its offices on Lime Street as it moves to Stanhope and Mitsubishi Estates’ 8 Bishopsgate, EC2. SCOR has appointed CBRE to lead the sale of its interest in an eight-storey Rolfe Judd-designed office-led asset at 10 Lime Street, EC3, which totals 54,611 sq ft. The guide price has been set at £30m, which reflects a capital value of £549 per sq ft. The 43,408 sq ft of office space, spread across the building’s first to seventh floors, is vacant, while the retail accommodation is let to five tenants with an average unexpired lease term of 5.8 years. The retail accommodation brings in rent of £374,600 annually. The property is held on a long leasehold from the Trust for London Trustee, with 130 years unexpired and a ground rent of around 10% of total income, or a minimum of £300,000 per year. SCOR originally acquired the asset for £45m from Premier Property Group in 2011 for its own occupation. The company was, until recently, also the owner-occupier of Asia House at 31-33 Lime Street, EC3. SCOR also recently sold Asia House to VakifBank, one of Turkey’s largest banks, for £12m. Designed by George Val Myer, the architect who designed the BBC’s Broadcasting House on Portland Place, the 18,247 sq ft building was originally built in 1912 and is known for its Edwardian architecture. The deals follow the company’s exit from the building as it moves to its new premises across two and a half floors of 8 Bishopsgate. The company agreed a 15-year lease for around 50,000 sq ft in the building early last year and is set to pay a rent of roughly £91 per sq ft.