TSP puts fully let Farringdon office on the market

Investment manager TSP has appointed Compton and Knight Frank to lead the sale of its freehold interest in a multi-let office asset in Farringdon. The refurbished five-storey, 18,630 sq ft former warehouse at 16 Laystall Street, EC1, is being marketed for just under £14.2m, which reflects a net initial yield of 7.75% and a capital value of £790 per sq ft. Currently fully let to six tenants, the asset brings in a total annual rent of £1.2m at an average rent of £65.34 per sq ft. Tenants include marketing agency Mesh Marketing, environmental consultancy South Pole Group UK and landscape architect Gillespies. The weighted average remaining length of the leases amounts to 3.4 years, or two years until lease breaks. The property is being marketed as an opportunity to increase income in line with prime Farringdon rents of £85 per sq ft with little capital expenditure required in the process. The building offers tenants floor plates of between 2,000 sq ft and 4,500 sq ft, as well as terraces on the third and fourth floors, with easy access to amenities nearby.