Esavian House Ltd is selling its freehold interest in a pair of under-rented Midtown assets.
The sale could unlock a residential or office development opportunity, subject to consent.
Carter Jonas has been instructed to market Esavian House, which comprises 181 High Holborn and 7-11 Stukeley Street, WC1, for £29m – a net initial yield of 7.66%.
The 48,000 sq ft block is used as a post office, shops and offices but there is scope to secure vacant possession.
Royal Mail Group holds two long leases on the block expiring in 2034 and 2027 and generating just £17,000 pa.
Thames & Hudson also occupies the building on a 25-year lease subject to a break clause and rent review in 2018. It is paying £17.36 per sq ft.
However, headline Midtown rents are £85 per sq ft.
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